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Ch. 476
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2002 LAWS OF MARYLAND
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D. NEW CLASSROOMS;
E. EQUIPMENT;
F INTEREST ON BOND PRINCIPAL; AND
G. BOND ISSUANCE.
2. "ALL COUNTY COSTS" INCLUDES THE TOTAL SQUARE
FOOTAGE OF NEW PUBLIC SCHOOL FACILITIES MULTIPLIED BY THE STATE SQUARE
FOOT CONSTRUCTION ALLOWANCE, MINUS THE STATE FUNDING SHARE.
(III) "DWELLING TYPE" MEANS SINGLE FAMILY DETACHED HOME,
TOWN HOUSE, OR MULTIFAMILY HOUSING UNIT.
(IV) "NEW RESIDENTIAL DEVELOPMENT" MEANS THE
DEVELOPMENT OF LAND THAT RESULTS IN THE ISSUANCE OF A USE AND
OCCUPANCY PERMIT FOR A RESIDENTIAL DWELLING UNIT.
(V) "NEW SCHOOL CAPACITY CONSTRUCTION BONDS" MEANS
10-YEAR BONDS ISSUED BY THE COUNTY COMMISSIONERS UNDER THIS
SUBSECTION.
(VI) "PUBLIC SCHOOL FACILITIES" MEANS ELEMENTARY, MIDDLE,
AND HIGH SCHOOL FACILITIES.
(VII) "PUPIL GENERATION RATE" MEANS THE AVERAGE NUMBER OF
STUDENTS IN THE COUNTY BY DWELLING TYPE ATTENDING ELEMENTARY, MIDDLE,
AND HIGH SCHOOL.
(2) (I) THE COUNTY COMMISSIONERS MAY ISSUE BORROW NOT MORE
THAN $100,000,000 BY ISSUING 10-YEAR NEW SCHOOL CAPACITY CONSTRUCTION
BONDS AT ANY TIME AND FROM TIME TO TIME ON THE FULL FAITH AND CREDIT OF
THE COUNTY TO FUND ALL COUNTY COSTS IN PROVIDING NEW SCHOOL CAPACITY.
(II) THE NEW SCHOOL CAPACITY CONSTRUCTION BONDS SHALL
CONSTITUTE SECURITIES:
1. IN WHICH ALL PUBLIC OFFICERS, PUBLIC BODIES OF THE
STATE AND ITS POLITICAL SUBDIVISIONS, ALL INSURANCE COMPANIES, STATE
BANKS AND TRUST COMPANIES, NATIONAL BANKING ASSOCIATIONS, SAVINGS
BANKS, SAVINGS AND LOAN ASSOCIATIONS, INVESTMENT COMPANIES, EXECUTORS,
ADMINISTRATORS, TRUSTEES, AND OTHER FIDUCIARIES MAY PROPERLY AND
LEGALLY INVEST FUNDS INCLUDING CAPITAL IN THEIR CONTROL OR BELONGING TO
THEM; AND
2. WHICH MAY BE PROPERLY AND LEGALLY DEPOSITED
WITH AND RECEIVED BY ANY STATE OR COUNTY OFFICER, ANY STATE AGENCY, OR
POLITICAL SUBDIVISION OF THE STATE FOR ANY PURPOSE FOR WHICH THE DEPOSIT
OF BONDS OR OBLIGATIONS OF THE STATE MAY BE AUTHORIZED BY LAW.
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- 3800 -
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