Ch. 617                                    1997 LAWS OF MARYLAND

SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to finance any part or all of the costs of public school facilities 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, $5,000,000 and to evidence its 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
pursuant to a resolution of the County which shall describe generally the public school
and community college 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 15
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 Cecil County; the manner of executing 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; and generally all matters incident to the terms,
conditions, issuance, sale and delivery thereof.

The County may enter into agreements with agents, banks, fiduciaries, insurers or
others for the purpose of enhancing the marketability of and security for the bonds and
for the purpose of securing any tender option that may be granted to holders of the
bonds.

In case any officer whose signature appears on any bond ceases to be such officer
before delivery, the signature shall nevertheless be valid and sufficient for all purposes as
if the officer had remained in office until delivery. The bonds and their issue and sale
shall be exempt from the provisions of Sections 9, 10, and 11 of Article 31 of the
Annotated Code of Maryland.

If the County determines in the resolution to offer any of the bonds by solicitation
of competitive bids at public sale, the resolution shall fix the terms and conditions of the
public sale and shall adopt a form of notice of sale, which shall outline the terms and
conditions, and a form of advertisement, which shall be published in one or more daily or
weekly newspapers having a general circulation in Cecil County and which may also be
published in one or more journals having a circulation primarily among banks and
investment bankers. At least one publication of the advertisement shall be made not less
than 10 days before the sale of bonds.

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