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PARRIS N. GLENDENING, Governor
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Ch. 558
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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.
The borrowing authorized by this Act may also be undertaken by the County in
the form of installment purchase obligations executed and delivered by the County for
the purpose of acquiring 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. The form of installment purchase obligations, the
manner of accomplishing the acquisition of easements, which may be by the direct
exchange of installment purchase obligations for easement, and all matters incident
to the execution and delivery of the installment purchase obligations and acquisition
of the easements by the County shall be determined in the resolution. Except where
the provisions of this Act would be inapplicable to installment purchase obligations,
the term "bonds" used in this Act shall include installment purchase obligations and
matters pertaining to the bonds under this Act, such as the security for the payment
of the bonds, the exemption of the bonds from State, county, municipal or other
taxation, and authorization to issue refunding bonds and the limitation on the
aggregate principal amount of bonds authorized for issuance, shall be applicable to
installment purchase obligations.
The County may enter into agreements with agents, banks, fiduciaries,
insurers, or others for the purpose of enhancing the marketability of any security for
the bonds and for the purpose of securing any tender option that may be granted to
holders of the bonds, all as may be determined and presented in the aforesaid
resolution, which may (but need not) state as security for the performance by the
County of any monetary obligations under such agreements the same security given
by the County to bondholders for the performance by the County of its monetary
obligations under the bonds.
If the County determines in the resolution to offer any of the bonds by
solicitation of competitive bids at public sale, the resolution shall fix the terms and
conditions of the public sale and shall adopt a form of notice of sale, which shall
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- 2959 -
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