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Ch. 569
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Martin O'Malley, Governor
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remained in office until such delivery. Any Installment Purchase Agreements entered
into from time to time under the authority of this Act shall be specifically exempt from
provisions of Article 31, §§ 9, 10, and 11 of the Annotated Code of Maryland.
SECTION 5. AND BE IT FURTHER ENACTED, That the Installment
Purchase Agreements hereby authorized shall constitute, and they shall so recite, an
irrevocable pledge of the full faith and credit and unlimited taxing power of the
County to the payment of the maturing purchase price under the Installment
Purchase Agreements and the interest on the unpaid balance of that purchase price as
and when they become payable. In each and every year until all of the purchase price
payable under the Installment Purchase Agreements and the interest thereon are paid
in full, the County shall levy or cause to be levied ad valorem taxes upon all the
assessable property within the corporate limits of the County in rate and amount
sufficient, together with any recordation tax revenues designated for such payments
and other available funds, to provide for or assure the payment, when due, of the
purchase price of all outstanding Installment Purchase Agreements and the interest
thereon maturing in each such fiscal year and, in the event the proceeds from the
taxes so levied in any such fiscal year shall prove inadequate for such payment,
additional taxes shall be levied in the succeeding fiscal year to make up any such
deficiency. The County may apply to the payment of the purchase price of the
outstanding Installment Purchase Agreements and interest payable thereon any funds
received by it from the State of Maryland, the United States of America, or any agency
or instrumentality thereof, or from any other source, if such funds are granted for the
purpose of assisting the County in financing the acquisition of transfer development
rights in agricultural land located in Cecil County, Maryland and to the extent of any
such funds received or receivable in any fiscal year, the taxes that are required to be
levied may be reduced accordingly.
SECTION 6. AND BE IT FURTHER ENACTED, That the County is authorized
and empowered to purchase and set aside in a segregated fund or account U.S.
Treasury STRIPs or other obligations allowed under Article 95, §§ 22, 22F, and 22G of
the Annotated Code of Maryland (or any successor provision of law) and the County's
investment guidelines, as in effect from time to time. It is intended that investments
in that segregated fund or account will be applied to the payment of the balance of the
purchase price of the Installment Purchase Agreements on their respective maturity
dates; but the investments shall not be pledged to the payment of the purchase price of
any of the Installment Purchase Agreements or the interest thereon, and no person
other than the County shall have any interest therein.
SECTION 7. AND BE IT FURTHER ENACTED, That any and all Installment
Purchase Agreements entered into by the County pursuant to the authority of this
Act, their transfer, the interest payable thereon, and any income derived therefrom in
the hands of the registered owners 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
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- 3733 -
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