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PARRIS N. GLENDENING, Governor
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Ch. 129
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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 in the best interests of St. Mary's 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 bonds may be made redeemable before maturity, at the option of the County,
at such price or prices and under such terms and conditions as may be fixed by the
County prior to the issuance of the bonds, either in the resolution or in a bond order
pursuant to the bond resolution. The bonds may be issued in coupon or in registered
form or both, and provision may be made for the registration of the principal only, or
of both principal and interest, of bonds having coupons attached, and for the
reconversion of bonds into coupon form if any bond has been registered as to both
principal and interest. In case any officer whose signature appears on any bond or on
any coupon attached thereto ceases to be such officer before the delivery thereof, such
signature shall nevertheless be valid and sufficient for all purposes as if he had
remained in office until such delivery. The bonds and the issuance and sale thereof
shall be exempt from the provisions of Sections 9, 10, and 11 of Article 31 of the
Annotated Code of Maryland.
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,
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 accordance with the terms of the resolution.
Upon delivery of any bonds to the purchaser or purchasers, payment therefor
shall be made to the Treasurer of St. Mary's County or such other official of St. Mary's
County as may be designated to receive such payment in a resolution passed by the
County before such delivery.
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- 789 -
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