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2007 Laws of Maryland
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Ch. 392
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relating to compliance with applicable requirements of federal or state securities laws;
and generally all matters incident to the terms, conditions, issuance, sale, and delivery
thereof.
The bonds may be made redeemable before maturity, at the option of the
County, at such price or prices and under such terms and conditions as may be fixed
by the County prior to the issuance of the bonds, either in the resolution or in
subsequent resolutions. In case any officer whose signature appears on any bond
ceases to be such officer before the delivery thereof, such signature shall nevertheless
be valid and sufficient for all purposes as if he had remained in office until such
delivery. The bonds and the issuance and sale thereof shall be exempt from the
provisions of Sections 2C, 9, 10, and 11 of Article 31 of the Annotated Code of
Maryland. 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, including the manner of receipt of bids, and a
form of advertisement, which shall be published in one or more daily or weekly
newspapers having a general circulation in Washington 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 Treasurer of Washington County or such other official of the
County as may be designated to receive such payment in a resolution passed by the
County Commissioners of Washington County before such delivery. For purposes of
issuance and sale, bonds, authorized hereunder may be consolidated into a single issue
with any other bonds authorized to be issued by the County.
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 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 within 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 exceeds the amount needed to finance
the projects described in the resolution, the excess funds so borrowed and not
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