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Ch. 93
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2002 LAWS OF MARYLAND
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income tax purposes; and relating generally to the issuance and sale of such
bonds.
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 Garrett
County, and the term "hospital improvements" means the alteration, construction,
reconstruction, enlargement, equipping, expansion, extension, improvement,
rehabilitation, renovation, upgrading, and repair of the Garrett County Memorial
Hospital, including, but not limited to, the hospital buildings and facilities, capital
furnishings and equipment, and parking facilities, means of access and utility
services, demolition, removal, and relocation of existing Hospital facilities, the
acquisition and development, as applicable, of land, structures, real or personal
property, rights, rights-of-way, easements and other interests for such hospital
facilities, together with any related financing charges, interest prior to and during
construction (and, if deemed necessary by the County, for a limited period after
completion of construction), interest and reserves for principal and interest and for
extensions, enlargements, additions and improvements, architectural, engineering,
financial and legal planning and other professional services, plans, specifications,
studies, surveys, estimates of cost and of revenues, administrative expenses
necessary or incident to determining the feasibility or practicability of the hospital
facilities and such other expenses as may be necessary or incident to the acquisition,
construction, improvement, development, rehabilitation, repair, furnishing and
equipping of the hospital facilities, the financing or refinancing of such acquisition,
construction, improvement, development, rehabilitation, repair, furnishing and
equipping of the hospital facilities.
SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to assist in the financing of the costs of the hospital facilities described in
Section 1 of this Act, and to borrow money and incur indebtedness for those purposes,
at one time or from time to time, in an amount not exceeding, in the aggregate
$7,500,000 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 hospital improvements 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 § 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
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- 1244 -
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