PARRIS N. GLENDENING, Governor                             Ch. 721

purpose of financing certain fire and emergency related equipment, buildings, or other
facilities of the volunteer fire departments and to borrow money and incur indebtedness
for that purpose those purposes, at one time or from time to time, in an amount not
exceeding, in the aggregate, $18,400,000 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 or the fire and emergency
related equipment, buildings, or other facilities of volunteer fire departments in Carroll
County 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 Carroll County; the manner of executing and sealing the bonds, which may be by
facsimile; the terms and conditions of any loans made to the volunteer fire departments
from the proceeds of the bonds; 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.
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.

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