|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 558 2000 LAWS OF MARYLAND
|
|
|
|
|
|
|
|
|
exercised nor shall any of the proceeds of the sale of bonds be used or applied, in any
manner which would cause any bonds, refunding bonds, or temporary bonds issued
hereunder to be deemed "arbitrage bonds" within the meaning of Section 103 of the
Internal Revenue Code of 1986, as amended.
This Act authorizes and empowers, but in no way obligates, the County to issue
the bonds described herein. The County has full and complete authority and discretion
to determine whether or not to issue the bonds. It is the intent of this Act that the
County be vested with full discretion and authority to determine what portion, if any,
of the cost of any construction of buildings and improvements of the Tourism Council
of Frederick County, Inc., shall be paid from the proceeds of general obligation bonds
authorized pursuant to this Act and that the County may provide or require such
conditions for the loan of the proceeds of such bonds to the Tourism Council of
Frederick County, Inc., as the County deems necessary or appropriate. The County is
further expressly authorized to agree that construction of buildings and improvements
for the Tourism Council of Frederick County, Inc., may be financed in whole or in part
from the proceeds of: (i) general obligation bonds issued pursuant to this Act or any
other Act authorizing the issuance of general obligation bonds of the County for such
purpose, or (ii) revenue bonds issued pursuant to any authority authorizing the
issuance of revenue bonds to finance the improvements, or (iii) any combination of (i)
and (ii); in connection with such agreement (without in any way creating any
limitation on the discretion of the County) the County may further agree, in its
discretion, that any interest (actual or implied) of the County in the Tourism Council or
in any receipts or assets of the Tourism Council may be subordinated to the interests of
the holders of any revenue bonds issued to finance the Tourism Council improvements,
all as may be determined in the absolute discretion of the County.
The County may choose to take title to such buildings in its own name and to
lease the same to the Tourism Council of Frederick County, Inc. The County is further
authorized to issue bonds hereunder to pay its share of the costs of buildings and
improvements for the use and benefit of the Tourism Council of Frederick County, Inc.,
which may be owned by another governmental or nonprofit entity, including but not
limited to, the State of Maryland or the City of Frederick.
SECTION 14. AND BE IT FURTHER ENACTED, That the County may enter
into an agreement or agreements with the Tourism Council of Frederick County, Inc.,
pursuant to which that corporation shall be required to make periodic payments from
the Tourism Council's revenues or other assets to the County at such times and in such
amounts to assure the timely payment of the maturing principal of and interest on said
bonds and any expenses of the County in connection therewith. However, the bonds
hereby authorized shall constitute, and they shall so recite, an irrevocable pledge of the
full faith and credit and unlimited taxing power of the County to the payment of the
maturing principal of and interest on the bonds as and when they become payable. In
each and every fiscal year that any of the bonds are outstanding, the County shall levy
or cause to be levied ad valorem taxes upon all the assessable property within the
corporate limits of Frederick County in rate and amount sufficient to provide for or
assure the payment, when due, of the principal of and interest on all the bonds
maturing in each such fiscal year and, in the event the proceeds from the taxes so
levied in any such fiscal year shall prove inadequate for such payment, additional
|
|
|
|
|
|
|
|
|
|
- 2964 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
