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Ch. 392
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Martin O'Malley, Governor
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(b) Community College buildings, sites, and grounds;
(c) Buildings and facilities for public safety, health and social services,
libraries, County administration purposes, County airport purposes, refuse collection,
recycling or disposal by whatever means, and park and recreation purposes;
(d) Acquisition of land or interests in land and any improvement thereon;
and
(e) Easements or similar or related rights in land, including transferable
development rights, that restrict the use of agricultural land or woodland to maintain
the character of the land as agricultural land or woodland.
SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to finance any part or all of the costs of the facilities described in Section 1
of this Act, and to borrow money and incur indebtedness for that purpose, at one time
or from time to time, in an amount not exceeding, in the aggregate, $80,000,000 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 the 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 income tax law, including (without limitation)
covenants regarding the payment of rebate or penalties in lieu of rebate; covenants
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- 2443 -
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