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Martin O'Malley, Governor
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Ch. 382
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SECTION 9. 8. AND BE IT FURTHER ENACTED, That any and all obligations
issued pursuant to the authority of this Act, their transfer, the interest payable
thereon, and any income derived therefrom in the hands of the holders thereof from
time to time (including any profit made in the sale thereof) shall be and are hereby
declared to be at all times exempt from State, county, municipal, or other taxation of
every kind and nature whatsoever within the State of Maryland. Nothing in this Act
shall prevent the County from authorizing the issuance and sale of bonds the interest
on which is not excludable from gross income for federal income tax purposes.
SECTION 10. 9. AND BE IT FURTHER ENACTED, That the authority to
borrow money and issue bonds conferred on the County by this Act shall be deemed to
provide additional, alternative, and supplemental authority for borrowing money and
shall be regarded as supplemental and additional to powers conferred upon the
County by other laws and shall not be regarded as in derogation of any power now
existing; and all Acts of the General Assembly of Maryland heretofore passed
authorizing the County to borrow money are hereby continued to the extent that the
powers contained in such Acts have not been exercised, and nothing contained in this
Act may be construed to impair, in any way, the validity of any bonds that may have
been issued by the County under the authority of any said Acts, and the validity of the
bonds is hereby ratified, confirmed, and approved. This Act, being necessary for the
welfare of the inhabitants of Frederick County, shall be liberally construed to effect
the purposes hereof. All Acts and parts of Acts inconsistent with the provisions of this
Act are hereby repealed to the extent of such inconsistency.
SECTION 11. 10. AND BE IT FURTHER ENACTED, That the borrowing
authorized by this Act may also be undertaken by the County in the form of
installment purchase obligations executed and delivered by the County for the purpose
of acquiring easements or similar or related rights in land that restrict the use of
agricultural land or woodland to maintain the character of the land as agricultural
land or woodland. The form of installment purchase obligations, the manner of
accomplishing the acquisition of easements, which may be by the direct exchange of
installment purchase obligations for easement, and all matters incident to the
execution and delivery of the installment purchase obligations and acquisition of the
easements by the County shall be determined in the resolution. Except where the
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.
SECTION 12. AND BE IT FURTHER ENACTED, That the borrowing
authorized by this Act to finance the payment of any unfunded liability of the County
to the State Retirement and Pension System of Maryland may be issued for the public
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- 2369 -
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