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PARRIS N. GLENDENING, Governor
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Ch. 173
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Calvert County, Maryland and to the extent of any such funds received or receivable
in any fiscal year, the taxes that are required to be levied may be reduced accordingly.
SECTION 6. AND BE IT FURTHER ENACTED, That the County is authorized
and empowered to purchase and set aside in a segregated fund or account U.S.
Treasury STRIPs or other obligations allowed under Article 95, Section 22, 22F, and
22G of the Annotated Code of Maryland (or any successor provision of law) and the
County's guidelines, as in effect from time to time. It is intended that investments in
that segregated fund or account will be applied to the payment of the balance of the
purchase price of the Installment Purchase Agreements on their respective maturity
dates; but the investments shall not be pledged to the payment of the purchase price
of any of the Installment Purchase Agreements or the interest thereon, and no person
other than the County shall have any interest therein.
SECTION 7. AND BE IT FURTHER ENACTED, That any and all Installment
Purchase Agreements entered into by the County pursuant to the authority of this
Act, their transfer, the interest payable thereon, and any income derived therefrom in
the hands of the registered owners thereof from time to time (including any profit
made in the sale thereof) shall be and are hereby declared to be at all times exempt
from State, county, municipal, or other taxation of every kind and nature whatsoever
within the State of Maryland.
SECTION 8. AND BE IT FURTHER ENACTED, That the authority conferred
on the County by this Act to enter into Installment Purchase Agreements and create
debt of the County shall be deemed to provide an additional and alternative authority
for borrowing money and creating debt and shall be regarded as supplemental and
additional to powers conferred upon the County by other laws and shall not be
regarded as in derogation of any power now existing; and all Acts of the General
Assembly of Maryland heretofore passed authorizing the County to borrow money
and incur debt are hereby continued to the extent that the powers contained in those
prior Acts have not been exercised, and nothing contained in this Act may be
construed to impair, in any way, the validity of any bonds or other obligations that
may have been entered into by the County under the authority of any of said Acts, and
the validity of the bonds or other obligations is hereby ratified, confirmed, and
approved. This Act, being necessary for the welfare of the inhabitants of Calvert
County, shall be liberally construed to effect the purposes hereof. All Acts and parts of
Acts inconsistent with the provisions of this Act are hereby repealed to the extent of
such inconsistency.
SECTION 9. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2000.
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Approved April 25, 2000.
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- 871 -
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