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Martin O'Malley, Governor
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Ch. 633
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CHAPTER 633
(House Bill 915)
AN ACT concerning
Cecil County - Public Facilities Bonds
FOR the purpose of authorizing and empowering the County Commissioners of Cecil
County, from time to time, to borrow not more than $31,405,000 in order to
finance the cost of the construction and improvement of certain public facilities
in Cecil County and to effect that borrowing by the issuance and sale at public
or private sale of its general obligation bonds in like 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; and relating generally to the issuance and sale of the
bonds by Cecil County.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used in this Act, the term "County" means that body politic and
corporate of the State of Maryland known as the County Commissioners of Cecil
County; and the term "construction and improvement of public facilities" means the
alteration, construction, reconstruction, enlargement, expansion, extension,
improvement, replacement, rehabilitation, renovation, upgrading and repair, and
related architectural, financial, legal, planning, designing, or engineering services, for
public capital projects in Cecil County, including any finance charges or interest prior
to or during such financing and any other costs or expenditures incurred by the
County in connection with the projects.
SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to finance any part or all of the costs of the public 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,
$31,405,000 and to evidence its borrowing by the issuance and sale upon its full faith
and credit of general obligation bonds in like 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.
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