Ch. 37

2003 LAWS OF MARYLAND

empowering and directing the County to levy, impose, and collect, annually, ad
valorem taxes in rate and amount sufficient to provide funds for the payment of
the maturing principal of and interest on the bonds; exempting the bonds and
refunding bonds and the interest thereon and any income derived therefrom
from all State, county, municipal, and other taxation in the State of Maryland;
providing that 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; providing that such borrowing may be
undertaken by Frederick County in the form of installment purchase obligations
executed and delivered by Frederick County for the purpose of acquiring
agricultural land and woodland preservation easements; and generally relating
to the issuance and sale of the bonds by Frederick County.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used herein, the term "County" means the body politic and
corporate of the State of Maryland known as the County Commissioners of Frederick
County, and the term "public facilities" means the cost of construction and
reconstruction of capital projects, including but not limited to landfill projects, public
schools, roads, bridges, flood control projects, solid waste facilities, water and leachate
treatment facilities, libraries, easements or similar or related rights in land that
restrict the use of agricultural land or woodland to maintain the character of the land
as agricultural land or woodland, and communication systems, including the
development of property, the acquisition and installation of equipment and
furnishings, together with any related architectural, financial, legal, planning, or
engineering services.

SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to finance any part or all of the costs of the public facilities 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,
$101,000,000 and to evidence such borrowing by the issuance and sale upon its full
faith and credit of general obligation bonds, 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
public facilities 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 amended; 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 Frederick County; the manner of

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