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Ch. 58
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2007 Laws of Maryland
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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 or woodland. The form of installment purchase obligations, the manner of
accomplishing the acquisition of easements, which may be 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.
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.
Upon delivery of any bonds to the purchaser or purchasers, payment therefor
shall be made to the Comptroller of Carroll County or such other official of Carroll
County as may be designated to receive such payment in a resolution passed by the
County before such delivery.
SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds of the
sale of bonds shall be used and applied exclusively and solely for the acquisition,
construction, improvement, or development of public facilities, including water and
sewer projects, to make loans to volunteer fire departments for the financing of fire or
emergency-related equipment, buildings, or other facilities of volunteer fire
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-894-
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