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2007 Laws of Maryland
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Ch. 392
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CHAPTER 392
(House Bill 352)
AN ACT concerning
Washington County - Public Facilities Bonds
FOR the purpose of authorizing and empowering the County Commissioners of
Washington County, from time to time, to borrow not more than $80,000,000 in
order to finance the costs of the construction, improvement, or development of
certain public facilities in Washington County, as herein defined, and to effect
such borrowing by the issuance and sale at public or private sale of its general
obligation bonds in like par amount; empowering the County to fix and
determine, by resolution, the form, tenor, interest rate or rates or method of
determining the same, terms, conditions, maturities, and all other details
incident to the issuance and sale of the bonds; empowering the County to issue
refunding bonds for the purchase or redemption of bonds in advance of
maturity; empowering and directing the County to levy, impose, and collect,
annually, ad valorem taxes in rate and amount sufficient to provide funds for
the payment of the maturing principal of and interest on the bonds; exempting
the bonds and refunding bonds, and the interest thereon and any income
derived therefrom, from all State, county, municipal, and other taxation in the
State of Maryland; providing that 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; providing that
such borrowing may be undertaken by the County in the form of installment
purchase obligations executed and delivered by the County for the purpose of
acquiring agricultural land, woodland preservation easements, and transferable
development rights; 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
Washington 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, the following, together with related
architectural, financial, legal, planning, or engineering services:
(a) Public school buildings, a school for the arts, administrative facilities,
sites, and grounds;
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