H.B. 771

VETOES

and sale of the bonds; empowering the County to issue refunding bonds for the
purchase or redemption of bonds in advance of maturity; empowering and directing
the County to levy, impose, and collect, annually, ad valorem taxes in rate and
amount sufficient to provide funds for the payment of the maturing principal of and
interest on the bonds; exempting the bonds and refunding bonds, and the interest
thereon and any income derived therefrom, from all State, county, municipal, and
other taxation in the State of Maryland; and relating generally to the issuance and
sale of the bonds.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used in this Act, the term "County" means the body politic and
corporate of the State of Maryland known as the County Commissioners of Cecil County;
and the term "public school facilities" means the costs of planning, designing, renovation,
repair, reconstruction and construction projects and other capital improvements to Cecil
County public schools and Cecil County Community College, including 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 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
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.

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