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PARRIS N. GLENDENING, Governor
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S.B. 471
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legal, planning, or engineering services, any finance charges or interest prior to or
during such financings, and any other costs or expenditures incurred by the County
in connection therewith.
SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to finance any part or all of the costs of the public school capital
improvements described in Section 1 of this Act, and to borrow money and incur
indebtedness for that purpose, at one time or from time to time, in an amount not
exceeding, in the aggregate, $2,500,000 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
pursuant to a resolution of the County, which shall describe generally the public
school capital improvements 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, which, without limitation, may
be issued in registered form within the meaning of Section 30 of Article 31 of the
Annotated Code of Maryland as effective from time to time; 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 Dorchester 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 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 relating to all matters incident to the terms, conditions, issuance,
sale, and delivery thereof.
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.
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- 3885 -
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