| 28 | | - | County, from time to time, to borrow not more than $13,183,000 $28,183,000 to 4 |
|---|
| 29 | | - | finance the construction, improvement, or development of certain public buildings, 5 |
|---|
| 30 | | - | roads, and facilities in Calvert County, as herein defined, and to effect such 6 |
|---|
| 31 | | - | borrowing by the issuance and sale at public or private sale of its general obligation 7 |
|---|
| 32 | | - | bonds in like par amount; empowering the County to fix and determine, by 8 |
|---|
| 33 | | - | resolution, the form, tenor, interest rate or rates or method of determining the same, 9 |
|---|
| 34 | | - | terms, conditions, maturities, and all other details incident to the issuance and sale 10 |
|---|
| 35 | | - | of the bonds; empowering the County to issue refunding bonds for the purchase or 11 |
|---|
| 36 | | - | redemption of bonds in advance of maturity; empowering and directing the County 12 |
|---|
| 37 | | - | to levy, impose, and collect, annually, ad valorem taxes in rate and amount sufficient 13 |
|---|
| 38 | | - | to provide funds for the payment of the maturing principal of and interest on the 14 |
|---|
| 39 | | - | bonds; exempting the bonds and refunding bonds and the interest thereon and any 15 |
|---|
| 40 | | - | income derived therefrom from all State, county, municipal, and other taxation in 16 |
|---|
| 41 | | - | the State of Maryland; providing that nothing in this Act shall prevent the County 17 |
|---|
| 42 | | - | from authorizing the issuance and sale of bonds the interest on which is not 18 |
|---|
| 43 | | - | excludable from gross income for federal income tax purposes; and generally relating 19 |
|---|
| 44 | | - | to the issuance and sale of such bonds. 20 |
|---|
| 21 | + | County, from time to time, to borrow not more than $13,183,000 to finance the 4 |
|---|
| 22 | + | construction, improvement, or development of certain public buildings, roads, and 5 |
|---|
| 23 | + | facilities in Calvert County, as herein defined, and to effect such borrowing by the 6 |
|---|
| 24 | + | issuance and sale at public or private sale of its general obligation bonds in like par 7 |
|---|
| 25 | + | amount; empowering the County to fix and determine, by resolution, the form, tenor, 8 |
|---|
| 26 | + | interest rate or rates or method of determining the same, terms, conditions, 9 |
|---|
| 27 | + | maturities, and all other details incident to the issuance and sale of the bonds; 10 |
|---|
| 28 | + | empowering the County to issue refunding bonds for the purchase or redemption of 11 |
|---|
| 29 | + | bonds in advance of maturity; empowering and directing the County to levy, impose, 12 |
|---|
| 30 | + | and collect, annually, ad valorem taxes in rate and amount sufficient to provide funds 13 |
|---|
| 31 | + | for the payment of the maturing principal of and interest on the bonds; exempting 14 |
|---|
| 32 | + | the bonds and refunding bonds and the interest thereon and any income derived 15 |
|---|
| 33 | + | therefrom from all State, county, municipal, and other taxation in the State of 16 |
|---|
| 34 | + | Maryland; providing that nothing in this Act shall prevent the County from 17 |
|---|
| 35 | + | authorizing the issuance and sale of bonds the interest on which is not excludable 18 |
|---|
| 36 | + | from gross income for federal income tax purposes; and generally relating to the 19 |
|---|
| 37 | + | issuance and sale of such bonds. 20 |
|---|
| 48 | | - | of Maryland known as the County Commissioners of Calvert County, and the term 23 2 SENATE BILL 442 |
|---|
| 41 | + | of Maryland known as the County Commissioners of Calvert County, and the term 23 |
|---|
| 42 | + | “construction, improvement, or development of public facilities” means the acquisition, 24 |
|---|
| 43 | + | alteration, construction, reconstruction, enlargement, equipping, expansion, extension, 25 |
|---|
| 44 | + | improvement, rehabilitation, renovation, upgrading, and repair of public buildings, roads, 26 |
|---|
| 45 | + | and facilities, including but not limited to Calvert Pines Senior Center Renovations, Breezy 27 |
|---|
| 46 | + | Shoreline Restoration, Lower Marlboro Culvert, existing storm drainage systems around 28 |
|---|
| 47 | + | the county, and the West Prince Frederick Water Storage Tank, and issuance costs together 29 |
|---|
| 48 | + | with the costs of acquiring land or interests in land as well as any related architectural, 30 2 SENATE BILL 442 |
|---|
| 51 | | - | “construction, improvement, or development of public facilities” means the acquisition, 1 |
|---|
| 52 | | - | alteration, construction, reconstruction, enlargement, equipping, expansion, extension, 2 |
|---|
| 53 | | - | improvement, rehabilitation, renovation, upgrading, and repair of public buildings, roads, 3 |
|---|
| 54 | | - | and facilities, including but not limited to Calvert Pines Senior Center Renovations, Breezy 4 |
|---|
| 55 | | - | Shoreline Restoration, Lower Marlboro Culvert, Solomons Volunteer Rescue Squad Fire 5 |
|---|
| 56 | | - | Department, existing storm drainage systems around the county, and the West Prince 6 |
|---|
| 57 | | - | Frederick Water Storage Tank, and issuance costs together with the costs of acquiring land 7 |
|---|
| 58 | | - | or interests in land as well as any related architectural, financial, legal, planning, or 8 |
|---|
| 59 | | - | engineering services. 9 |
|---|
| 51 | + | financial, legal, planning, or engineering services. 1 |
|---|
| 61 | | - | SECTION 2. AND BE IT FURTHER ENACTED, That the County is here by 10 |
|---|
| 62 | | - | authorized to finance any part or all of the costs of the public facilities described in Section 11 |
|---|
| 63 | | - | 1 of this Act, and to borrow money and incur indebtedness for that purpose, at one time or 12 |
|---|
| 64 | | - | from time to time, in an amount not exceeding, in the aggregate, $13,183,000 $28,183,000 13 |
|---|
| 65 | | - | and to evidence such borrowing by the issuance and sale upon its full faith and credit of 14 |
|---|
| 66 | | - | general obligation bonds in like par amount, which may be issued at one time or from time 15 |
|---|
| 67 | | - | to time, in one or more groups or series, as the County may determine. 16 |
|---|
| 53 | + | SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby 2 |
|---|
| 54 | + | authorized to finance any part or all of the costs of the public facilities described in Section 3 |
|---|
| 55 | + | 1 of this Act, and to borrow money and incur indebtedness for that purpose, at one time or 4 |
|---|
| 56 | + | from time to time, in an amount not exceeding, in the aggregate, $13,183,000 and to 5 |
|---|
| 57 | + | evidence such borrowing by the issuance and sale upon its full faith and credit of general 6 |
|---|
| 58 | + | obligation bonds in like par amount, which may be issued at one time or from time to time, 7 |
|---|
| 59 | + | in one or more groups or series, as the County may determine. 8 |
|---|
| 69 | | - | SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall be issued in 17 |
|---|
| 70 | | - | accordance with a resolution of the County, which shall describe generally the construction, 18 |
|---|
| 71 | | - | improvement, or development of public facilities for which the proceeds of the bond sale are 19 |
|---|
| 72 | | - | intended and the amount needed for those purposes. The County shall have and is hereby 20 |
|---|
| 73 | | - | granted full and complete authority and discretion in the resolution to fix and determine 21 |
|---|
| 74 | | - | with respect to the bonds of any issue: the designation, date of issue, denomination or 22 |
|---|
| 75 | | - | denominations, form or forms, and tenor of the bonds which, without limitation, may be 23 |
|---|
| 76 | | - | issued in registered form within the meaning of § 19–204 of the Local Government Article 24 |
|---|
| 77 | | - | of the Annotated Code of Maryland, as amended; the rate or rates of interest payable 25 |
|---|
| 78 | | - | thereon, or the method of determining the same, which may include a variable rate; the 26 |
|---|
| 79 | | - | date or dates and amount or amounts of maturity, which need not be in equal par amounts 27 |
|---|
| 80 | | - | or in consecutive annual installments, provided only that no bond of any issue shall mature 28 |
|---|
| 81 | | - | later than 30 years from the date of its issue; the manner of selling the bonds, which may 29 |
|---|
| 82 | | - | be at either public or private sale, for such price or prices as may be determined to be for 30 |
|---|
| 83 | | - | the best interests of Calvert County; the manner of executing and sealing the bonds, which 31 |
|---|
| 84 | | - | may be by facsimile; the terms and conditions, if any, under which bonds may be tendered 32 |
|---|
| 85 | | - | for payment or purchase prior to their stated maturity; the terms or conditions, if any, 33 |
|---|
| 86 | | - | under which bonds may or shall be redeemed prior to their stated maturity; the place or 34 |
|---|
| 87 | | - | places of payment of the principal of and the interest on the bonds, which may be at any 35 |
|---|
| 88 | | - | bank or trust company within or without the State of Maryland; covenants relating to 36 |
|---|
| 89 | | - | compliance with applicable requirements of federal income tax law, including (without 37 |
|---|
| 90 | | - | limitation) covenants regarding the payment of rebate or penalties in lieu of rebate; 38 |
|---|
| 91 | | - | covenants relating to compliance with applicable requirements of federal or state securities 39 |
|---|
| 92 | | - | laws; and generally all matters incident to the terms, conditions, issuance, sale, and 40 |
|---|
| 93 | | - | delivery thereof. 41 |
|---|
| 61 | + | SECTION 3. AND BE IT FURTHER ENACTED, That the bonds sha ll be issued in 9 |
|---|
| 62 | + | accordance with a resolution of the County, which shall describe generally the construction, 10 |
|---|
| 63 | + | improvement, or development of public facilities for which the proceeds of the bond sale are 11 |
|---|
| 64 | + | intended and the amount needed for those purposes. The County shall have and is hereby 12 |
|---|
| 65 | + | granted full and complete authority and discretion in the resolution to fix and determine 13 |
|---|
| 66 | + | with respect to the bonds of any issue: the designation, date of issue, denomination or 14 |
|---|
| 67 | + | denominations, form or forms, and tenor of the bonds which, without limitation, may be 15 |
|---|
| 68 | + | issued in registered form within the meaning of § 19–204 of the Local Government Article 16 |
|---|
| 69 | + | of the Annotated Code of Maryland, as amended; the rate or rates of interest payable 17 |
|---|
| 70 | + | thereon, or the method of determining the same, which may include a variable rate; the 18 |
|---|
| 71 | + | date or dates and amount or amounts of maturity, which need not be in equal par amounts 19 |
|---|
| 72 | + | or in consecutive annual installments, provided only that no bond of any issue shall mature 20 |
|---|
| 73 | + | later than 30 years from the date of its issue; the manner of selling the bonds, which may 21 |
|---|
| 74 | + | be at either public or private sale, for such price or prices as may be determined to be for 22 |
|---|
| 75 | + | the best interests of Calvert County; the manner of executing and sealing the bonds, which 23 |
|---|
| 76 | + | may be by facsimile; the terms and conditions, if any, under which bonds may be tendered 24 |
|---|
| 77 | + | for payment or purchase prior to their stated maturity; the terms or conditions, if any, 25 |
|---|
| 78 | + | under which bonds may or shall be redeemed prior to their stated maturity; the place or 26 |
|---|
| 79 | + | places of payment of the principal of and the interest on the bonds, which may be at any 27 |
|---|
| 80 | + | bank or trust company within or without the State of Maryland; covenants relating to 28 |
|---|
| 81 | + | compliance with applicable requirements of federal income tax law, including (without 29 |
|---|
| 82 | + | limitation) covenants regarding the payment of rebate or penalties in lieu of rebate; 30 |
|---|
| 83 | + | covenants relating to compliance with applicable requirements of federal or state securities 31 |
|---|
| 84 | + | laws; and generally all matters incident to the terms, conditions, issuance, sale, and 32 |
|---|
| 85 | + | delivery thereof. 33 |
|---|
| 95 | | - | The bonds may be made redeemable before maturity, at the option of the County, at 42 |
|---|
| 96 | | - | such price or prices and under such terms and conditions as may be fixed by the County 43 |
|---|
| 97 | | - | prior to the issuance of the bonds, either in the resolution or in a bond order pursuant to 44 SENATE BILL 442 3 |
|---|
| 87 | + | The bonds may be made redeemable before maturity, at the option of the County, at 34 |
|---|
| 88 | + | such price or prices and under such terms and conditions as may be fixed by the County 35 |
|---|
| 89 | + | prior to the issuance of the bonds, either in the resolution or in a bond order pursuant to 36 |
|---|
| 90 | + | the bond resolution. The bonds may be issued in registered form and provision may be made 37 |
|---|
| 91 | + | for the registration of the principal only. In case any officer whose signature appears on 38 |
|---|
| 92 | + | any bond ceases to be such officer before the delivery thereof, such signature shall 39 |
|---|
| 93 | + | nevertheless be valid and sufficient for all purposes as if he had remained in office until 40 |
|---|
| 94 | + | such delivery. The bonds and the issuance and sale thereof shall be exempt from the 41 |
|---|
| 95 | + | provisions of §§ 19–205 and 19–206 of the Local Government Article of the Annotated Code 42 |
|---|
| 96 | + | of Maryland, as amended. 43 |
|---|
| 97 | + | SENATE BILL 442 3 |
|---|
| 100 | | - | the bond resolution. The bonds may be issued in registered form and provision may be made 1 |
|---|
| 101 | | - | for the registration of the principal only. In case any officer whose signature appears on 2 |
|---|
| 102 | | - | any bond ceases to be such officer before the delivery thereof, such signature shall 3 |
|---|
| 103 | | - | nevertheless be valid and sufficient for all purposes as if he had remained in office until 4 |
|---|
| 104 | | - | such delivery. The bonds and the issuance and sale thereof shall be exempt from the 5 |
|---|
| 105 | | - | provisions of §§ 19–205 and 19–206 of the Local Government Article of the Annotated Code 6 |
|---|
| 106 | | - | of Maryland, as amended. 7 |
|---|
| 100 | + | The County may enter into agreements with agents, banks, fiduciaries, insurers, or 1 |
|---|
| 101 | + | others for the purpose of enhancing the marketability of any security for the bonds and for 2 |
|---|
| 102 | + | the purpose of securing any tender option that may be granted to holders of the bonds, all 3 |
|---|
| 103 | + | as may be determined and presented in the aforesaid resolution, which may (but need not) 4 |
|---|
| 104 | + | state as security for the performance by the County of any monetary obligations under such 5 |
|---|
| 105 | + | agreements the same security given by the County to bondholders for the performance by 6 |
|---|
| 106 | + | the County of its monetary obligations under the bonds. 7 |
|---|
| 108 | | - | The County may enter into agreements with agents, banks, fiduciaries, insurers, or 8 |
|---|
| 109 | | - | others for the purpose of enhancing the marketability of any security for the bonds and for 9 |
|---|
| 110 | | - | the purpose of securing any tender option that may be granted to holders of the bonds, all 10 |
|---|
| 111 | | - | as may be determined and presented in the aforesaid resolution, which may (but need not) 11 |
|---|
| 112 | | - | state as security for the performance by the County of any monetary obligations under such 12 |
|---|
| 113 | | - | agreements the same security given by the County to bondholders for the performance by 13 |
|---|
| 114 | | - | the County of its monetary obligations under the bonds. 14 |
|---|
| 108 | + | If the County determines in the resolution to offer any of the bonds by solicitation of 8 |
|---|
| 109 | + | competitive bids at public sale, the resolution shall fix the terms and conditions of the public 9 |
|---|
| 110 | + | sale and shall adopt a form of notice of sale, which shall outline the terms and conditions, 10 |
|---|
| 111 | + | and a form of advertisement, which shall be published in one or more daily or weekly 11 |
|---|
| 112 | + | newspapers having a general circulation in the County and which may also be published in 12 |
|---|
| 113 | + | one or more journals having a circulation primarily among banks and investment bankers. 13 |
|---|
| 114 | + | At least one publication of the advertisement shall be made not less than 10 days before 14 |
|---|
| 115 | + | the sale of the bonds. 15 |
|---|
| 125 | | - | Upon delivery of any bonds to the purchaser or purchasers, payment therefor shall 23 |
|---|
| 126 | | - | be made to the Treasurer of Calvert County or such other official of Calvert County as may 24 |
|---|
| 127 | | - | be designated to receive such payment in a resolution passed by the County before such 25 |
|---|
| 128 | | - | delivery. 26 |
|---|
| 122 | + | SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds of the sale 20 |
|---|
| 123 | + | of bonds shall be used and applied exclusively and solely for the acquisition, construction, 21 |
|---|
| 124 | + | improvement, or development of public facilities for which the bonds are sold. If the 22 |
|---|
| 125 | + | amounts borrowed shall prove inadequate to finance the projects described in the 23 |
|---|
| 126 | + | resolution, the County may issue additional bonds with the limitations hereof for the 24 |
|---|
| 127 | + | purpose of evidencing the borrowing of additional funds for such financing, provided the 25 |
|---|
| 128 | + | resolution authorizing the sale of additional bonds shall so recite, but if the net proceeds of 26 |
|---|
| 129 | + | the sale of any issue of bonds exceed the amount needed to finance the projects described 27 |
|---|
| 130 | + | in the resolution, the excess funds so borrowed and not expended shall be applied to the 28 |
|---|
| 131 | + | payment of the next principal maturity of the bonds or to the redemption of any part of the 29 |
|---|
| 132 | + | bonds which have been made redeemable or to the purchase and cancellation of bonds, 30 |
|---|
| 133 | + | unless the County shall adopt a resolution allocating the excess funds to the acquisition, 31 |
|---|
| 134 | + | construction, improvement, or development of other public facilities, as defined and within 32 |
|---|
| 135 | + | the limits set forth in this Act. 33 |
|---|
| 130 | | - | SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds of the sale 27 |
|---|
| 131 | | - | of bonds shall be used and applied exclusively and solely for the acquisition, construction, 28 |
|---|
| 132 | | - | improvement, or development of public facilities for which the bonds are sold. If the 29 |
|---|
| 133 | | - | amounts borrowed shall prove inadequate to finance the projects described in the 30 |
|---|
| 134 | | - | resolution, the County may issue additional bonds with the limitations hereof for the 31 |
|---|
| 135 | | - | purpose of evidencing the borrowing of additional funds for such financing, provided the 32 |
|---|
| 136 | | - | resolution authorizing the sale of additional bonds shall so recite, but if the net proceeds of 33 |
|---|
| 137 | | - | the sale of any issue of bonds exceed the amount needed to finance the projects described 34 |
|---|
| 138 | | - | in the resolution, the excess funds so borrowed and not expended shall be applied to the 35 |
|---|
| 139 | | - | payment of the next principal maturity of the bonds or to the redemption of any part of the 36 |
|---|
| 140 | | - | bonds which have been made redeemable or to the purchase and cancellation of bonds, 37 |
|---|
| 141 | | - | unless the County shall adopt a resolution allocating the excess funds to the acquisition, 38 |
|---|
| 142 | | - | construction, improvement, or development of other public facilities, as defined and within 39 |
|---|
| 143 | | - | the limits set forth in this Act. 40 |
|---|
| 144 | | - | |
|---|
| 145 | | - | SECTION 5. AND BE IT FURTHER ENACTED, That the bonds hereby authorized 41 |
|---|
| 146 | | - | shall constitute, and they shall so recite, an irrevocable pledge of the full faith and credit 42 4 SENATE BILL 442 |
|---|
| 137 | + | SECTION 5. AND BE IT FURTHER ENACTED , That the bonds hereby authorized 34 |
|---|
| 138 | + | shall constitute, and they shall so recite, an irrevocable pledge of the full faith and credit 35 |
|---|
| 139 | + | and unlimited taxing power of the County to the payment of the maturing principal of and 36 |
|---|
| 140 | + | interest on the bonds as and when they become payable. In each and every fiscal year that 37 |
|---|
| 141 | + | any of the bonds are outstanding, the County shall levy or cause to be levied ad valorem 38 |
|---|
| 142 | + | taxes upon all the assessable property within the corporate limits of the County in rate and 39 |
|---|
| 143 | + | amount sufficient to provide for or assure the payment, when due, of the principal of and 40 |
|---|
| 144 | + | interest on all the bonds maturing in each such fiscal year and, in the event the proceeds 41 |
|---|
| 145 | + | from the taxes so levied in any such fiscal year shall prove inadequate for such payment, 42 |
|---|
| 146 | + | additional taxes shall be levied in the succeeding fiscal year to make up any such deficiency. 43 4 SENATE BILL 442 |
|---|
| 149 | | - | and unlimited taxing power of the County to the payment of the maturing principal of and 1 |
|---|
| 150 | | - | interest on the bonds as and when they become payable. In each and every fiscal year that 2 |
|---|
| 151 | | - | any of the bonds are outstanding, the County shall levy or cause to be levied ad valorem 3 |
|---|
| 152 | | - | taxes upon all the assessable property within the corporate limits of the County in rate and 4 |
|---|
| 153 | | - | amount sufficient to provide for or assure the payment, when due, of the principal of and 5 |
|---|
| 154 | | - | interest on all the bonds maturing in each such fiscal year and, in the event the proceeds 6 |
|---|
| 155 | | - | from the taxes so levied in any such fiscal year shall prove inadequate for such payment, 7 |
|---|
| 156 | | - | additional taxes shall be levied in the succeeding fiscal year to make up any such deficiency. 8 |
|---|
| 157 | | - | The County may apply to the payment of the principal of and interest on any bonds issued 9 |
|---|
| 158 | | - | hereunder any funds received by it from the State of Maryland, the United States of 10 |
|---|
| 159 | | - | America, any agency or instrumentality thereof, or from any other source, if such funds are 11 |
|---|
| 160 | | - | granted for the purpose of assisting the County in financing the acquisition, construction, 12 |
|---|
| 161 | | - | improvement, or development of the public facilities defined in this Act and, to the extent 13 |
|---|
| 162 | | - | of any such funds received or receivable in any fiscal year, the taxes that are required to be 14 |
|---|
| 163 | | - | levied may be reduced accordingly. 15 |
|---|
| 149 | + | The County may apply to the payment of the principal of and interest on any bonds issued 1 |
|---|
| 150 | + | hereunder any funds received by it from the State of Maryland, the United States of 2 |
|---|
| 151 | + | America, any agency or instrumentality thereof, or from any other source, if such funds are 3 |
|---|
| 152 | + | granted for the purpose of assisting the County in financing the acquisition, construction, 4 |
|---|
| 153 | + | improvement, or development of the public facilities defined in this Act and, to the extent 5 |
|---|
| 154 | + | of any such funds received or receivable in any fiscal year, the taxes that are required to be 6 |
|---|
| 155 | + | levied may be reduced accordingly. 7 |
|---|
| 165 | | - | SECTION 6. AND BE IT FURTHER ENACTED, That the County is further 16 |
|---|
| 166 | | - | authorized and empowered, at any time and from time to time, to issue its bonds in the 17 |
|---|
| 167 | | - | manner hereinabove described for the purpose of refunding, by payment at maturity or 18 |
|---|
| 168 | | - | upon purchase or redemption, any bonds issued hereunder. The validity of any such 19 |
|---|
| 169 | | - | refunding bonds shall in no way be dependent upon or related to the validity or invalidity 20 |
|---|
| 170 | | - | of the obligations so refunded. The powers herein granted with respect to the issuance of 21 |
|---|
| 171 | | - | bonds shall be applicable to the issuance of refunding bonds. Such refunding bonds may be 22 |
|---|
| 172 | | - | issued by the County in such an amount as shall be necessary for the purpose of providing 23 |
|---|
| 173 | | - | it with funds to pay any of its outstanding bonds issued hereunder at maturity, for the 24 |
|---|
| 174 | | - | purpose of providing it with funds to purchase in the open market any of its outstanding 25 |
|---|
| 175 | | - | bonds issued hereunder, prior to the maturity thereof, or for the purpose of providing it 26 |
|---|
| 176 | | - | with funds for the redemption prior to maturity of any outstanding bonds issued hereunder 27 |
|---|
| 177 | | - | which are, by their terms, redeemable, for the purpose of providing it with funds to pay 28 |
|---|
| 178 | | - | interest on any outstanding bonds issued hereunder prior to their payment at maturity of 29 |
|---|
| 179 | | - | purchase or redemption in advance of maturity, or for the purpose of providing it with funds 30 |
|---|
| 180 | | - | to pay any redemption or purchase premium in connection with the refunding of any of its 31 |
|---|
| 181 | | - | outstanding bonds issued hereunder. The proceeds of the sale of any such refunding bonds 32 |
|---|
| 182 | | - | shall be segregated and set apart by the County as a separate trust fund to be used solely 33 |
|---|
| 183 | | - | for the purpose of paying the purchase or redemption prices of the bonds to be refunded. 34 |
|---|
| 157 | + | SECTION 6. AND BE IT FURTHER ENACTED, That the County is further 8 |
|---|
| 158 | + | authorized and empowered, at any time and from time to time, to issue its bonds in the 9 |
|---|
| 159 | + | manner hereinabove described for the purpose of refunding, by payment at maturity or 10 |
|---|
| 160 | + | upon purchase or redemption, any bonds issued hereunder. The validity of any such 11 |
|---|
| 161 | + | refunding bonds shall in no way be dependent upon or related to the validity or invalidity 12 |
|---|
| 162 | + | of the obligations so refunded. The powers herein granted with respect to the issuance of 13 |
|---|
| 163 | + | bonds shall be applicable to the issuance of refunding bonds. Such refunding bonds may be 14 |
|---|
| 164 | + | issued by the County in such an amount as shall be necessary for the purpose of providing 15 |
|---|
| 165 | + | it with funds to pay any of its outstanding bonds issued hereunder at maturity, for the 16 |
|---|
| 166 | + | purpose of providing it with funds to purchase in the open market any of its outstanding 17 |
|---|
| 167 | + | bonds issued hereunder, prior to the maturity thereof, or for the purpose of providing it 18 |
|---|
| 168 | + | with funds for the redemption prior to maturity of any outstanding bonds issued hereunder 19 |
|---|
| 169 | + | which are, by their terms, redeemable, for the purpose of providing it with funds to pay 20 |
|---|
| 170 | + | interest on any outstanding bonds issued hereunder prior to their payment at maturity of 21 |
|---|
| 171 | + | purchase or redemption in advance of maturity, or for the purpose of providing it with funds 22 |
|---|
| 172 | + | to pay any redemption or purchase premium in connection with the refunding of any of its 23 |
|---|
| 173 | + | outstanding bonds issued hereunder. The proceeds of the sale of any such refunding bonds 24 |
|---|
| 174 | + | shall be segregated and set apart by the County as a separate trust fund to be used solely 25 |
|---|
| 175 | + | for the purpose of paying the purchase or redemption prices of the bonds to be refunded. 26 |
|---|
| 185 | | - | SECTION 7. AND BE IT FURTHER ENACTED, That the County may, prior to the 35 |
|---|
| 186 | | - | preparation of definitive bonds, issue interim certificates or temporary bonds, exchangeable 36 |
|---|
| 187 | | - | for definitive bonds when such bonds have been executed and are available for such 37 |
|---|
| 188 | | - | delivery, provided, however, that any such interim certificates or temporary bonds shall be 38 |
|---|
| 189 | | - | issued in all respects subject to the restrictions and requirements set forth in this Act. The 39 |
|---|
| 190 | | - | County may, by appropriate resolution, provide for the replacement of any bonds issued 40 |
|---|
| 191 | | - | hereunder which shall have become mutilated or lost or destroyed upon such conditions 41 |
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| 192 | | - | and after receiving such indemnity as the County may require. 42 |
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| 177 | + | SECTION 7. AND BE IT FURTHER ENACTED, That the County may, prior to the 27 |
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| 178 | + | preparation of definitive bonds, issue interim certificates or temporary bonds, exchangeable 28 |
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| 179 | + | for definitive bonds when such bonds have been executed and are available for such 29 |
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| 180 | + | delivery, provided, however, that any such interim certificates or temporary bonds shall be 30 |
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| 181 | + | issued in all respects subject to the restrictions and requirements set forth in this Act. The 31 |
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| 182 | + | County may, by appropriate resolution, provide for the replacement of any bonds issued 32 |
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| 183 | + | hereunder which shall have become mutilated or lost or destroyed upon such conditions 33 |
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| 184 | + | and after receiving such indemnity as the County may require. 34 |
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| 194 | | - | SECTION 8. AND BE IT FURTHER ENACTED, That any and all obligations issued 43 |
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| 195 | | - | pursuant to the authority of this Act, their transfer, the interest payable thereon, and any 44 SENATE BILL 442 5 |
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| 186 | + | SECTION 8. AND BE IT FURTHER ENACTED, That any and all obligations issued 35 |
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| 187 | + | pursuant to the authority of this Act, their transfer, the interest payable thereon, and any 36 |
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| 188 | + | income derived therefrom in the hands of the holders thereof from time to time (including 37 |
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| 189 | + | any profit made in the sale thereof) shall be and are hereby declared to be at all times 38 |
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| 190 | + | exempt from State, county, municipal, or other taxation of every kind and nature 39 |
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| 191 | + | whatsoever within the State of Maryland. Nothing in this Act shall prevent the County 40 |
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| 192 | + | from authorizing the issuance and sale of bonds the interest on which is not excludable 41 |
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| 193 | + | from gross income for federal income tax purposes. 42 |
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| 194 | + | |
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| 195 | + | SECTION 9. AND BE IT FURTHER ENACTED, That the authority to borrow 43 SENATE BILL 442 5 |
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| 198 | | - | income derived therefrom in the hands of the holders thereof from time to time (including 1 |
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| 199 | | - | any profit made in the sale thereof) shall be and are hereby declared to be at all times 2 |
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| 200 | | - | exempt from State, county, municipal, or other taxation of every kind and nature 3 |
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| 201 | | - | whatsoever within the State of Maryland. Nothing in this Act shall prevent the County 4 |
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| 202 | | - | from authorizing the issuance and sale of bonds the interest on which is not excludable 5 |
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| 203 | | - | from gross income for federal income tax purposes. 6 |
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| 198 | + | money and issue bonds conferred on the County by this Act shall be deemed to provide an 1 |
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| 199 | + | additional and alternative authority for borrowing money and shall be regarded as 2 |
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| 200 | + | supplemental and additional to powers conferred upon the County by other laws and shall 3 |
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| 201 | + | not be regarded as in derogation of any power now existing; and all Acts of the General 4 |
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| 202 | + | Assembly of Maryland heretofore passed authorizing the County to borrow money are 5 |
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| 203 | + | hereby continued to the extent that the powers contained in such Acts have not been 6 |
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| 204 | + | exercised, and nothing contained in this Act may be construed to impair, in any way, the 7 |
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| 205 | + | validity of any bonds that may have been issued by the County under the authority of any 8 |
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| 206 | + | said Acts, and the validity of the bonds is hereby ratified, confirmed, and approved. This 9 |
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| 207 | + | Act, being necessary for the welfare of the inhabitants of Calvert County, shall be liberally 10 |
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| 208 | + | construed to effect the purposes hereof. All Acts and parts of Acts inconsistent with the 11 |
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| 209 | + | provisions of this Act are hereby repealed to the extent of such inconsistency. 12 |
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| 205 | | - | SECTION 9. AND BE IT FURTHER ENACTED, That the authority to borrow 7 |
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| 206 | | - | money and issue bonds conferred on the County by this Act shall be deemed to provide an 8 |
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| 207 | | - | additional and alternative authority for borrowing money and shall be regarded as 9 |
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| 208 | | - | supplemental and additional to powers conferred upon the County by other laws and shall 10 |
|---|
| 209 | | - | not be regarded as in derogation of any power now existing; and all Acts of the General 11 |
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| 210 | | - | Assembly of Maryland heretofore passed authorizing the County to borrow money are 12 |
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| 211 | | - | hereby continued to the extent that the powers contained in such Acts have not been 13 |
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| 212 | | - | exercised, and nothing contained in this Act may be construed to impair, in any way, the 14 |
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| 213 | | - | validity of any bonds that may have been issued by the County under the authority of any 15 |
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| 214 | | - | said Acts, and the validity of the bonds is hereby ratified, confirmed, and approved. This 16 |
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| 215 | | - | Act, being necessary for the welfare of the inhabitants of Calvert County, shall be liberally 17 |
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| 216 | | - | construed to effect the purposes hereof. All Acts and parts of Acts inconsistent with the 18 |
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| 217 | | - | provisions of this Act are hereby repealed to the extent of such inconsistency. 19 |
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| 211 | + | SECTION 10. AND BE IT FURTHER ENACTED, That this Act shall take effect 13 |
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| 212 | + | June 1, 2022. 14 |
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