Ch. 236                                    2003 LAWS OF MARYLAND

SERVICING ITS BONDS, THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR THE
GOVERNING BODY OF A COUNTY MAY ENACT, BY LOCAL LAW OR RESOLUTION,
AUTHORITY FOR THE COUNTY TO:

(I)      ENTER INTO INTEREST RATE EXCHANGE AGREEMENTS OR
CONTRACTS PROVIDING FOR PAYMENTS BASED ON LEVELS OF OR CHANGES IN
INTEREST RATES, OR COMBINATIONS OF THE FOREGOING; AND

(II)     APPOINT ANY AGENTS NECESSARY TO IMPLEMENT AND
ADMINISTER SUCH AGREEMENTS OR CONTRACTS.

(2)      (I) A COUNTY THAT PROPOSES TO ENTER INTO ONE OR MORE
INTEREST RATE EXCHANGE AGREEMENTS OR CONTRACTS SHALL ENACT A LOCAL
LAW OR RESOLUTION THAT SHALL AUTHORIZE THE TRANSACTION UPON THE TERMS
AND CONDITIONS ESTABLISHED BY THE COUNTY IN THE LAW OR RESOLUTION.

(II) L IN THE LAW OR RESOLUTION THAT AUTHORIZES THE
TRANSACTION OR IN A SEPARATE RESOLUTION, THE COUNTY MAY PROVIDE FOR THE
FINAL FORM OF THE AGREEMENT OR CONTRACT AND THE FINAL TERMS AND
PROVISIONS OF THE AGREEMENT OR CONTRACT, AFTER GIVING DUE
CONSIDERATION TO THE CREDITWORTHINESS OF THE COUNTERPARTY OR
COUNTERPARTIES.

2. THE COUNTY MAY DELEGATE TO AN OFFICER, OFFICIAL,
BOARD, OR AGENCY OF THE COUNTY SPECIFIED IN THE LAW OR RESOLUTION THE
POWER TO PROVIDE FOR THE FINAL FORM OF THE AGREEMENT OR CONTRACT AND
THE FINAL TERMS AND PROVISIONS OF THE AGREEMENT OR CONTRACT, AFTER
GIVING DUE CONSIDERATION TO THE CREDITWORTHINESS OF THE COUNTERPARTY
OR COUNTERPARTIES.

(3)      AN INTEREST RATE EXCHANGE AGREEMENT OR CONTRACT MAY BE
ENTERED INTO IN CONNECTION WITH, OR INCIDENTAL TO, ANY BONDS OF THE
COUNTY PRIOR TO, AT THE TIME OF, OR SUBSEQUENT TO, THE ISSUANCE OF ANY OF
THOSE BONDS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2003.

Approved May 13, 2003.

CHAPTER 236
(Senate Bill 334)

AN ACT concerning

Maryland—Health-Care Foundation— Maryland Medbank Program -
Administration, Extension and Funding

FOR the purpose of extending the termination date of the Maryland Medbank

- 2026 -