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Ch. 601
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PARRIS N. GLENDENING, Governor
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amount sufficient to provide for [such] THE payments when due, together with
accrued interest to the date of payment. In the event the proceeds from the taxes so
levied in any fiscal year are inadequate for the above purposes, the Board, on behalf
of the County, shall levy additional taxes in the succeeding fiscal year to make up any
deficiency. Bonds secured as provided in this [subsection] TITLE, in the Board's
discretion, also may be secured by any revenues or pledge authorized under
subsection [15A-6(A)] (A) OF THIS SECTION.
[15A-7.] 12-107. Same; security.
(a) The County may enter into agreements with agents, banks, fiduciaries,
insurers, or other for the purpose of enhancing the marketability of and security for
the bonds and for the purpose of securing any tender option that may be granted to
holders of the bonds. As additional security for the payment of the principal of and
interest on the bonds, the County may convey or assign any real or personal property
which constitutes a solid waste project or the system of which it forms a part. [Such]
THE pledge, conveyance, or assignment shall be valid and binding against any person
having a claim of any kind against the County, irrespective of whether the person has
notice.
(b) (1) Any trust indenture entered into under this section may contain
covenants on the part of the County deemed necessary or appropriate by the Board for
the proper security of the purchasers of [any such] THE bonds, but the County may
not enter into any covenant which permits the trustee or bondholders in any manner
to sell or otherwise divest the County of its title to any solid waste project or projects
financed with the proceeds of [any such] THE bonds, without the prior written
consent of the County. Subject to the foregoing limitation, [any such] A trust
indenture may contain covenants for the protection of bondholders, relating to all or
any of the following:
(i) The nature, extent and procedure for acquiring or constructing
any solid waste project or projects and the supervision [thereof] OF THE SOLID
WASTE PROJECT OR PROJECTS;
(ii) The maintenance and operation of any [such] SOLID WASTE
projector projects, and the supervision [thereof] OF THE SOLID WASTE PROJECT OR
PROJECTS, the employment of consulting engineers, auditors, attorneys and other
experts in connection with [any such] THE acquisition, construction, maintenance or
operation;
(iii) The terms and provisions of the bonds and the securing of the
proceeds [thereof], the imposition and collection of rates and charges for the use of
[any such] THE project or projects and the use, application and security of any
revenues so collected, including the establishment, deposit and securing from [any
such] THE revenues for debt service on, or prior redemption of, [any such] THE
bonds, or for the maintenance, operation and improvement of any [such] SOLID
WASTE project or projects;
(iv) The insurance on any [such] SOLID WASTE project or projects;
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- 3165 -
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