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Martin O'Malley, Governor
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Ch. 597
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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 Calvert 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
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 a bond
order pursuant to the bond resolution. The bonds may be issued in registered form and
provision may be made for the registration of the principal only. 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 9, 10, and 11 of Article 31 of
the Annotated Code of Maryland, as amended.
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, and a form of advertisement, which shall be
published in one or more daily or weekly newspapers having a general circulation in
the 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.
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- 3827 -
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