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Ch. 125
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PARRIS N. GLENDENING, Governor
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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
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
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- 775 -
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