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Martin O'Malley, Governor
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S.B. 957
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existing; and all Acts of the General Assembly of Maryland heretofore passed
authorizing the County to borrow money are hereby continued to the extent that the
powers contained in such Acts have not been exercised, and nothing contained in this
Act may be construed to impair, in any way, the validity of any bonds that may have
been issued by the County under the authority of any said Acts, and the validity of the
bonds is hereby ratified, confirmed, and approved. This Act, being necessary for the
welfare of the inhabitants of Frederick County, shall be liberally construed to effect
the purposes hereof. All Acts and parts of Acts inconsistent with the provisions of this
Act are hereby repealed to the extent of such inconsistency.
SECTION 11. 10. AND BE IT FURTHER ENACTED, That the borrowing
authorized by this Act may also be undertaken by the County in the form of
installment purchase obligations executed and delivered by the County for the purpose
of acquiring easements or similar or related rights in land that restrict the use of
agricultural land or woodland to maintain the character of the land as agricultural
land or woodland. The form of installment purchase obligations, the manner of
accomplishing the acquisition of easements, which may be by the direct exchange of
installment purchase obligations for easement, and all matters incident to the
execution and delivery of the installment purchase obligations and acquisition of the
easements by the County shall be determined in the resolution. Except where the
provisions of this Act would be inapplicable to installment purchase obligations, the
term "bonds" used in this Act shall include installment purchase obligations and
matters pertaining to the bonds under this Act, such as the security for the payment of
the bonds, the exemption of the bonds from State, county, municipal, or other taxation,
and authorization to issue refunding bonds and the limitation on the aggregate
principal amount of bonds authorized for issuance, shall be applicable to installment
purchase obligations.
SECTION 12. AND BE IT FURTHER ENACTED, That the borrowing
authorized by this Act to finance the payment of any unfunded liability of the County
to the State Retirement and Pension System of Maryland may be issued for the public
purposes of (i) realizing savings with respect to the aggregate cost of the County
payment liability being funded, on either a direct comparison or present value basis; or
(ii) structuring or restructuring payment liability costs in a manner that (a) in the
aggregate effects a reduction in the total cost of the County payment liability as
described, or (b) is determined by the County to be in the best interests of the County,
to be consistent with the County's long-term financial plan, and to realize a financial
objective of the County, including improving the relationship of liability payment costs
to a source of payments such as taxes, assessments or other charges. Any findings
made by the County in the resolution regarding the public purposes achieved by the
issuance of bonds for such purposes shall be conclusive.
SECTION 13. 11. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 2007.
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- 4513 -
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