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Ch. 50
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2002 LAWS OF MARYLAND
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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,
$25,700,000 and to evidence such borrowing by the issuance and sale upon its full
faith and credit of general obligation bonds in like par amount, 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 in accordance with a resolution of the county, which shall describe generally
the construction, improvement, or development of public roads and 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 Calvert 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 registered form and
provision may be made for the registration of the principal only. In case any officer
whose signature appears on any bond 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, as amended.
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
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- 1138 -
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