Ch. 140

2004 LAWS OF MARYLAND

provisions of this Act would be inapplicable to installment purchase obligations, the
term "bonds" used in this Act shall include installment purchase obligations and
matters pertaining to the bonds under this Act, such as the security for the payment
of the bonds, the exemption of the bonds from State, County, municipal, or other
taxation, and authorization to issue refunding bonds and the limitation on the
aggregate principal amount of bonds authorized for issuance, shall be applicable to
installment purchase obligations.

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 and for the purpose of securing any tender option that may be granted to
holders of the bonds, all as may be determined and presented in the aforesaid
resolution, which may (but need not) state as security for the performance by the
County of any monetary obligations under such agreements the same security given
by the County to bondholders for the performance by the County of its monetary
obligations under the bonds.

If the County determines in the resolution to offer any of the bonds by
solicitation of competitive bids at public sale, the resolution shall fix the terms and
conditions of the public sale and shall adopt a form of notice of sale, which shall
outline the terms and conditions, and a form of advertisement, which shall be
published in one or more daily or weekly newspapers having a general circulation in
the County and which may also be published in one or more journals having a
circulation primarily among banks and investment bankers. At least one publication
of the advertisement shall be made not less than 10 days before the sale of the bonds.

Upon delivery of any bonds to the purchaser or purchasers, payment therefor
shall be made to the Comptroller of Carroll County or such other official of Carroll
County as may be designated to receive such payment in a resolution passed by the
County before such delivery.

SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds of the
sale of bonds shall be used and applied exclusively and solely for the acquisition,
construction, improvement, or development of public facilities, including water and
sewer projects, to make loans to volunteer fire departments for the financing of fire or
emergency-related equipment, buildings, or other facilities of volunteer fire
departments in the County or to finance the payment of an unfunded liability of the
County to the State Retirement and Pension System of Maryland for which the bonds
are sold. If the amounts borrowed shall prove inadequate to finance the projects
described in the resolution, the County may issue additional bonds with the
limitations hereof for the purpose of evidencing the borrowing of additional funds for
such financing, provided the resolution authorizing the sale of additional bonds shall
so recite, but if the net proceeds of the sale of any issue of bonds exceed the amount
needed to finance the projects described in the resolution, the excess funds so
borrowed and not expended shall be applied to the payment of the next principal
maturity of the bonds or to the redemption of any part of the bonds which have been
made redeemable or to the purchase and cancellation of bonds, unless the County
shall adopt a resolution allocating the excess funds to the acquisition, construction,
improvement, or development of other public facilities, including water and sewer

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