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Ch. 601
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2000 LAWS OF MARYLAND
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[15A-4.] 12-104. Same; public or private sale allowed.
Any bonds issued under this [subtitle] TITLE may be sold, in the discretion of
the Board, at public or private sale. Bonds may be sold at less than par. Any bonds
issued under this [subtitle] TITLE shall be exempt from the provisions of Sections 10
and 11 of Article 31 of the Annotated Code of Maryland [(1986 Replacement Volume
and 1988 Cumulative Supplement)]. Any and all bonds issued under this [subtitle]
TITLE, their transfer, the interest payable on them, and any income derived from
them from time to time (including any profit made in their sale) shall be and
[hereby] are declared to be at all times exempt from State, County, Municipal or
other taxation of every kind and nature [whatsoever] within the State of Maryland.
[15A-5.] 12-105. Same; proceeds.
The proceeds of the sale of bonds shall be paid to the County and shall be placed
in [such] A fund or account as the Board determines to be appropriate. The proceeds
net of any expenses of issuance and sale of the bonds shall be expended from time to
time for the purposes specified in [Section 15A-3] § 12-103 OF THIS TITLE upon the
terms, conditions, and documentation as the Board may provide by resolution.
[15A-6.] 12-106. Same; payment.
(a) In the discretion of the Board, the principal of and interest on any bonds
issued under this [subtitle] TITLE may be made payable solely from the proceeds of
solid waste collection or disposal rates or charges imposed under this [subtitle]
TITLE, which revenues the County is [hereby] authorized to pledge to [such] THE
payment. The County may covenant to fix [such] THE rates and charges for the use
of any solid waste project, or the system of which it forms a part, as will generate
sufficient revenues to pay the annual cost of maintenance and operation [thereof] OF
THE PROJECT and to pay the maturing principal of and interest on any bonds issued
under this [subtitle] TITLE when due. Bonds secured as provided in this [subsection]
TITLE do not constitute an obligation of the faith and credit of the County but, on the
contrary, shall recite that the principal and interest [thereof] are payable solely from
the revenues prescribed in the resolution or indenture authorizing the bonds.
(b) If the Board determines it to be appropriate, the County may pledge the
full faith and credit and unlimited taxing power of the County to the payment of the
principal and interest on all or any part of a series of bonds issued under this
[subtitle] TITLE. Those bonds may be secured as provided in this subsection
[15A-6(b)] only to the extent that the total of the par value of such bonds, together
with all other outstanding bonded indebtedness of the County secured or guaranteed
by the full faith or credit of the County, less the amount of any sinking funds or
reserves for payment of bonds previously issued, does not exceed 15 percent of the
total assessed valuation of all property in Carroll County subject to unlimited County
taxation during the fiscal year of the County most recently concluded. In the event
that the funds available to the County from all sources are insufficient to pay any
bonds guaranteed under this subsection, together with the interest due [thereon] ON
THE BONDS, the Board, on behalf of the County, in each and every fiscal year in which
bonds are outstanding shall levy and collect ad valorem taxes [upon] ON all the
legally assessable property within the corporate limits of Carroll County in rate and
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- 3164 -
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