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Ch. 173
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2000 LAWS OF MARYLAND
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payment of such interest, (g) the terms and conditions, if any, under which the
Installment Purchase Agreement may or shall be redeemed prior to its maturity date,
(h) provisions relating to the registration and transfer of the Installment Purchase
Agreement, (i) the required signatures on the Installment Purchase Agreement and
all related documents, (j) the appointment of a paying agent and registrar for the
Installment Purchase Agreement, which may be the Director of Administration and
Finance of the County, any other employee of the County, any department of the
County government or any bank or trust company within or without the State of
Maryland having corporate trust powers, (k) 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 rebated rebate, and
(1) generally all matters incident to the acquisition of the transfer development rights
and the terms, conditions, execution and delivery of the Installment Purchase
Agreement.
Each Installment Purchase Agreement 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 execution and delivery of
the Installment Purchase Agreement. The Installment Purchase Agreement shall be
in registered form. 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 or she had
remained in office until such delivery. Any Installment Purchase Agreements entered
from time to time into under the authority of this Act shall be specifically exempt
from the provisions of Sections 9, 10 and 11 of Article 31 of the Annotated Code of
Maryland.
SECTION 5. AND BE IT FURTHER ENACTED, That the Installment Purchase
Agreement Agreements hereby authorized shall constitute, and they shall fee so
recite, an irrevocable pledge of the full faith and credit and unlimited taxing power of
the County to the payment of the maturing purchase price under the Installment
Purchase Agreement Agreements and the interest on the unpaid balance of that
purchase price as and when they become payable. In each and every year until all of
the purchase price payable under the Installment Purchase Agreements and the
interest thereon are paid in full, 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, together with any recordation tax revenues
designated for such payments and other available funds, to provide for or assure the
payment, when due, of the purchase price of all outstanding Installment Purchase
Agreements and the interest thereon 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
purchase price of the outstanding Installment Purchase Agreements and interest
payable thereon any funds received by it from the State of Maryland, the United
States of America, or 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
acquisition of transfer development rights in agricultural or forestry land located in
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- 870 -
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