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Ch. 125
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2000 LAWS OF MARYLAND
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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
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.
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- 774 -
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