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Ch. 58
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Martin O'Malley, Governor
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CHAPTER 58
(Senate Bill 905)
AN ACT concerning
Carroll County - Public Facilities Bonds
FOR the purpose of authorizing and empowering the County Commissioners of Carroll
County, from time to time, to borrow not more than $80,000,000 in order to
finance the construction, improvement, or development of certain public
facilities in Carroll County, including water and sewer projects, to finance loans
for fire or emergency—related equipment, buildings, and other facilities of
volunteer fire departments in the County, to finance the payment of
contributions to the Carroll County Pension Plan, to finance the payment of
contributions to other postemployment benefits provided by the County; to
finance the payment of contributions to the length of service program for
members of volunteer fire departments in the County, and to effect such
borrowing by the issuance and sale at public or private sale of its general
obligation bonds in like par 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; providing that such borrowing may be undertaken by the County in
the form of installment purchase obligations executed and delivered by the
County for the purpose of acquiring agricultural land and woodland
preservation easements; 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; providing that nothing in this Act shall prevent the
County from authorizing the issuance and sale of bonds the interest on which is
not excludable from gross income for federal income tax purposes; and relating
generally to the issuance and sale of such bonds.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used herein, the term "County" means the body politic and
corporate of the State of Maryland known as the County Commissioners of Carroll
County, and the term "construction, improvement, or development of public facilities"
means the acquisition, alteration, construction, reconstruction, enlargement,
equipping, expansion, extension, improvement, rehabilitation, renovation, upgrading,
and repair of public buildings and facilities and public works projects, including, but
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