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S.B. 472
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PARRIS N. GLENDENING, Governor
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purchase and cancellation of bonds, as the County may determine to be in its best
interest, unless the County shall adopt a resolution allocating the excess funds to
other capital projects.
SECTION 5. AND BE IT FURTHER ENACTED, That the County shall have
and is hereby granted full and complete authority and discretion and is hereby
empowered to provide loans or grants, or any combination thereof, upon any terms
and conditions as may be required by the County, in its discretion, of any part or all of
the proceeds of the bonds to any person or entity for the sole and exclusive purpose of
financing any part or all of the costs of the economic development project described in
Section 1 of this Act.
SECTION 6. AND BE IT FURTHER ENACTED, That the bonds hereby
authorized shall constitute, and they shall so recite, an irrevocable pledge of the full
faith and credit and unlimited taxing power of the County to the payment of the
maturing principal of and interest on the bonds as and when they become payable. In
each and every fiscal year that any of the bonds are outstanding, the County shall
levy or cause to be levied ad valorem taxes upon all the assessable property within the
corporate limits of the County in rate and amount sufficient to provide for or assure
the payment, when due, of the principal of and interest on all the bonds maturing in
each such fiscal year and, in the event the proceeds from the taxes so levied in any
such fiscal year shall prove inadequate for such payment, additional taxes shall be
levied in the succeeding fiscal year to make up any such deficiency. The County may
apply to the payment of the principal of and interest on any bonds issued hereunder
any funds received by it from the State of Maryland, the United States of America,
any agency or instrumentality thereof, or from any other source, if such funds are
granted for the purpose of assisting the County in financing the economic
redevelopment project to the extent of any such funds received or receivable in any
fiscal year, the taxes that are required to be levied under this Act may be reduced
proportionately or need not be levied.
SECTION 7. AND BE IT FURTHER ENACTED, That the County is further
authorized and empowered, at any time and from time to time, to issue its bonds in
the manner herein above described for the purpose of refunding, by payment at
maturity or upon purchase or redemption, any bonds issued hereunder. The validity
of any such refunding bonds shall in no way be dependent upon or related to the
validity or invalidity of the obligations so refunded. The powers herein granted with
respect to the issuance of bonds shall be applicable to the issuance of refunding bonds.
Such refunding bonds may be issued by the County for the purpose of providing it
with funds to pay any of its outstanding bonds issued hereunder at maturity, for the
purpose of providing it with funds to purchase in the open market any of its
outstanding bonds issued hereunder, prior to the maturity thereof, or for the purpose
of providing it with funds for the redemption prior to maturity of any outstanding
bonds issued hereunder which are, by their terms, redeemable, for the purpose of
providing it with funds to pay interest on any outstanding bonds issued hereunder
prior to their payment at maturity of purchase or redemption in advance of maturity,
or for the purpose of providing it with funds to pay any redemption or purchase
premium in connection with the refunding of any of its outstanding bonds issued
hereunder. The proceeds of the sale of any such refunding bonds shall be segregated
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- 3891 -
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