Ch. 24

1997 LAWS OF MARYLAND

CHAPTER 24
(Senate Bill 434)

AN ACT concerning

Garrett County - Purchase of Real Property - Financing

FOR the purpose of authorizing the County Commissioners of Garrett County to enter
certain financing agreements for the purchase of real property and to secure the
financing in a certain manner; capping the maximum authorized amount of debt
under this Act; specifying the maximum duration of financing agreements and
requiring that the County Commissioners reserve a specified right; requiring that
certain taxes be imposed to meet specified obligations; requiring that certain
documents be reviewed by the attorney for the County Commissioners; and
generally relating to authorization for the Garrett County Commissioners to finance
the purchase of real property through financial instructions or with the seller of the
property.

BY adding to

The Public Local Laws of Garrett County
Section 20-16.2

Article 12 - Public Local Laws of Maryland

(1985 Edition and December 1996 Supplement, as amended)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 12 - Garrett County

20-16.2.

A. SUBJECT TO SUBSECTIONS B THROUGH D OF THIS SECTION, THE COUNTY COMMISSIONERS BY RESOLUTION MAY:

(1) ENTER INTO AN AGREEMENT TO FINANCE THE PURCHASE OF REAL PROPERTY PURCHASED BY THE COUNTY FOR ANY PUBLIC PURPOSE THROUGH A FINANCIAL INSTITUTION OR WITH A PERSON SELLING
THE PROPERTY AT AN INTEREST RATE AND UNDER TERMS AND
CONDITIONS THAT THE COUNTY COMMISSIONERS DEEM IN THE
BEST INTEREST OF THE COUNTY; AND

(2) SECURE THE FINANCING THROUGH A MORTGAGE OR OTHER
INSTRUMENT UNDER TERMS THAT THE COUNTY COMMISSIONERS
DEEM APPROPRIATE.

B. (1) THE TOTAL AMOUNT OF COUNTY DEBT ENTERED UNDER THIS

SECTION MAY NOT EXCEED $500,000 AT ANY POINT IN TIME.

(2) A FINANCING AGREEMENT ENTERED UNDER THIS SECTION MAY
NOT EXTEND BEYOND A 20-YEAR PERIOD AND SHALL RESERVE TO

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