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Ch. 58
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Martin O'Malley, Governor
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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 Carroll County; the manner of
executing and sealing the bonds, which may be by facsimile; the terms and conditions
of any loans made to volunteer fire departments; the terms and conditions of any
contributions to the Carroll County Pension Plan, the terms and conditions of any
contributions to other postemployment benefits provided by the County, the terms and
conditions of any contributions to the length of service award program for members of
volunteer fire departments in the County, 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.
postemployment benefits provided by the County, or a contribution to the length of
service award program for members of volunteer fire departments in the County 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 contribution costs in a manner
objective of the County, including improving the relationship of contribution costs to a
by the County in the resolution regarding the public purposes achieved by the
issuance of bonds for such purposes shall be conducive.
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
subsequent resolutions. 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 the
officer 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.
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-893 -
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