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S.B. 472
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VETOES
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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 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.
In case any officer whose signature appears on any bond ceases to be such
officer before delivery, the signature shall nevertheless be valid and sufficient for all
purposes as if the officer had remained in office until delivery. The bonds and their
issue and sale shall be exempt from the provisions of Sections 9, 10, and 11 of Article
31 of the Annotated Code of Maryland as effective from time to time.
If the County determines in the resolution to offer any of the bonds by
solicitation of competitive bids at public sale, the resolution shall fix the terms and
conditions of the public sale and shall adopt a form of notice of sale, which shall
outline the terms and conditions, and a form of advertisement, which shall be
published in one or more daily or weekly newspapers having a general circulation in
the County and which may also be published in one or more journals having a
circulation primarily among banks and investment bankers. At least one publication
of the advertisement shall be made not less than 10 days before the sale of the bonds.
Upon delivery of any bonds to the purchaser or purchasers, payment therefor
shall be made to the Treasurer of Dorchester County or such other official of
Dorchester County as may be designated to receive such payment in a resolution
passed by the County before such delivery.
SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds of the
sale of the bonds shall be used and applied exclusively and solely for the economic
development project in Dorchester County as described in Section 1 of this Act. If the
net proceeds of the sale of any issue of bonds exceeds the amount needed to finance
the economic development projects described in the resolution, the excess funds shall
be applied to the payment of the next principal maturity of the bonds or to the
redemption of any part of the bonds which have been made redeemable or to the
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- 3890 -
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