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Ch. 558 2000 LAWS OF MARYLAND
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excludable from gross income for federal income tax purposes; and generally
relating to the issuance and sale of the bonds by Frederick County and Carroll
County.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used herein in this section and Sections 2, 3, 4, 5, 6, 7, 8, and
9 of this Act, the term "County" means the body politic and corporate of the State of
Maryland known as the County Commissioners of Carroll County, and the term
"acquisition, construction, improvement, or development of public facilities" means
the acquisition, alteration, construction, reconstruction, enlargement, equipping,
expansion, extension, improvement, rehabilitation, renovation, upgrading, and repair
of public buildings and facilities and public works projects, including, but not limited
to, public works projects such as roads, bridges and storm drains, public school
buildings and facilities, landfills, Carroll Community College buildings and facilities,
public operational buildings and facilities such as buildings and facilities for County
administrative use, public safety, health and social services, libraries, refuse disposal
buildings and facilities, easements or similar or related rights in land that restrict the
use of agricultural land or woodland to maintain the character of the land as
agricultural land or woodland, and parks and recreation buildings and facilities,
together with the costs of acquiring land or interests in land as well as 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 the acquisition, construction,
improvement, or development of the public facilities described in Section 1 of this Act,
and to borrow money and incur indebtedness for those purposes, at one time or from
time to time, in an amount not exceeding, in the aggregate, $33,740,000 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
acquisition, construction, improvement, or development of public 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 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, 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
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- 2958 -
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