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PARRIS N. GLENDENING, Governor
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S.B. 472
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combination thereof, with any part or with all of the proceeds of the bonds, to
any person or entity for the purpose of financing any part or all of the costs of
such economic development projects; empowering the County to issue refunding
bonds for the purchase or redemption of bonds in advance of maturity;
empowering and directing the County to levy, impose, and collect, annually, ad
valorem taxes in rate and amount sufficient to provide funds for the payment of
the maturing principal of and interest on the bonds; exempting the bonds and
the interest thereon and any income derived therefrom from all State, county,
municipal, and other taxation in the State of Maryland; providing that nothing
in this Act shall prevent the County from authorizing the issuance and sale of
bonds or refunding bonds, if the interest on or income derived from the bonds is
not exempt from State, local, or other taxation in the State; providing that
nothing in this Act shall prevent the County from authorizing the issuance and
sale of bonds the interest on which is not excludable from gross income for
federal income tax purposes; and relating generally to the issuance and sale of
such bonds.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used herein, the term "County" means that body politic and
corporate of the State of Maryland known as the County Commissioners of Dorchester
County, and the term "economic development project" means the cost of improvement,
rehabilitation, renovation, repair, and equipping of public school facilities in
Dorchester County, the cost of improvement to Woods Road, other economic
development projects, 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 economic development project
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, $3,000,000 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 economic
development project 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
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- 3889 -
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