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Ch. 488
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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 Carroll
County, and the term "construction, improvement, or development of public facilities"
means the acquisition, alteration, construction, reconstruction, enlargement,
equipping, expansion, extension, improvement, rehabilitation, renovation, upgrading,
and repair of public buildings and facilities and public works projects, including, but
not limited to, public works projects such as roads, bridges and storm drains, public
school buildings and facilities, Carroll Community College buildings and facilities,
public operational buildings and facilities such as buildings and facilities for County
administrative use, public safety, health and social services, libraries, water and
sewer infrastructure facilities, and parks and recreation buildings and facilities,
together with the costs of acquiring land or interests in land as well as 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 those purposes,
at one time or from time to time, in an amount not exceeding, in the aggregate,
$22,600,000 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 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 Carroll 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
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