Ch. 460

1997 LAWS OF MARYLAND

grounds, together with the costs of acquiring land or interests in land as well as any
related architectural, financial, legal, planning, or engineering services.

SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to finance any part or all of the costs of the public facilities described in
Section 1 of this Act, and to borrow money and incur indebtedness for that purpose, at
one time or from time to time, in an amount not exceeding, in the aggregate, $10,000,000
and to evidence such borrowing by the issuance and sale upon its full faith and credit of
general obligation bonds in like par amount, which may be issued at one time or from
time to time, in one or more groups or series, as the County may determine.

SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall be issued
in accordance with a resolution of the County, which shall describe generally the
construction, improvement, or development of public facilities for which the proceeds of
the bond sale are intended and the amount needed for those purposes. The County shall
have and is hereby granted full and complete authority and discretion in the resolution to
fix and determine with respect to the bonds of any issue: the designation, date of issue,
denomination or denominations, form or forms, and tenor of the bonds; the rate or rates
of interest payable thereon, or the method of determining the same, which may include a
variable rate; the date or dates and amount or amounts of maturity, which need not be in
equal par amounts or in consecutive annual installments, provided only that no bond of
any issue shall mature later than 30 years from the date of its issue; the manner of selling
the bonds, which may be at either public or private sale, for such price or prices as may be
determined to be for the best interests of St. Mary's County; the manner of executing and
sealing the bonds, which may be by facsimile; the terms and conditions, if any, under
which bonds may be tendered for payment or purchase prior to their stated maturity; the
terms or conditions, if any, under which bonds may or shall be redeemed prior to their
stated maturity; the place or places of payment of the principal of and the interest on the
bonds, which may be at any bank or trust company within or without the State of
Maryland; covenants relating to compliance with applicable requirements of federal
income tax law, including (without limitation) covenants regarding the payment of rebate
or penalties in lieu of rebate; covenants relating to compliance with applicable
requirements of federal or state securities laws; and generally all matters incident to the
terms, conditions, issuance, sale, and delivery thereof.

The bonds may be made redeemable before maturity, at the option of the County, at
such price or prices and under such terms and conditions as may be fixed by the County
prior to the issuance of the bonds, either in the resolution or in subsequent resolutions a
bond order pursuant to the bond resolution. The bonds may be issued in coupon or in
registered form or both, and provision may be made for the registration of the principal
only, or of both principal and interest, of bonds having coupons attached, and for the
reconversion of bonds into coupon form if any bond has been registered as to both
principal and interest. In case any officer whose signature appears on any bond or on any
coupon attached thereto ceases to be such officer before the delivery thereof, such
signature shall nevertheless be valid and sufficient for all purposes as if he had remained
in office until such delivery. The bonds and the issuance and sale thereof shall be exempt
from the provisions of Sections 9, 10, and 11 of Article 31 of the Annotated Code of
Maryland.

- 2764 -