H.B. 1255

VETOES

rehabilitation, renovation, upgrading, and repair of the Garrett County Memorial
Hospital, including, but not limited to, the hospital buildings and facilities, capital
furnishings and equipment, and parking facilities, means of access and utility services,
demolition, removal, and relocation of existing Hospital facilities, the acquisition and
development, as applicable, of land, structures, real or personal property, rights,
rights-of-way, easements and other interests for such hospital facilities, together with any
related financing charges, interest prior to and during construction (and, if deemed
necessary by the County, for a limited period after completion of construction), interest
and reserves for principal and interest and for extensions, enlargements, additions and
improvements, architectural, engineering, financial and legal planning and other
professional services, plans, specifications, studies, surveys, estimates of cost and of
revenues, administrative expenses necessary or incident to determining the feasibility or
practicability of the hospital facilities and such other expenses as may be necessary or
incident to the acquisition, construction, improvement, development, rehabilitation,
repair, furnishing and equipping of the hospital facilities, the financing or refinancing of
such acquisition, construction, improvement, development, rehabilitation, repair,
furnishing and equipping of the hospital facilities.

SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to assist in the financing of the costs of the hospital 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 $1,500,000
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 hospital
improvements 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 Garrett 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 of
the bonds.

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