ALLEGANY COUNTY

2675

Bill No. 7-78

A BILL ENTITLED

"INFIRMARY AND NURSING HOME"

AN ACT to add New Section 288, "Authority to Operate,"
Sub-section E and F to the Code of Public Local Laws of
Allegany County (1963 Edition, and 1973 Supplement, being
Article 1 of the Code of Public Local Laws of Maryland)
titled "Allegany County," subtitled "Indigent Patient" and
"Admissions Policy" to follow Section 288—D of the Annotated
Code of Maryland to read as follows:

Effective Date: September 18, 1978.

Bill No. 8-78

A BILL ENTITLED

"INDUSTRIAL DEVELOPMENT REVENUE BONDS
(S. Schwab Company, Incorporated Project),
1978 Series"

A PUBLIC LOCAL LAW AUTHORIZING AND EMPOWERING COUNTY
COMMISSIONERS OF ALLEGANY COUNTY ("THE COUNTY") TO ISSUE,
SELL AND DELIVER ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS,
DESIGNATED "ALLEGANY COUNTY, MARYLAND INDUSTRIAL DEVELOPMENT
REVENUE BONDS (S. SCHWAB COMPANY, INCORPORATED PROJECT),
1978 SERIES", IN THE AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $250,000 (THE "BONDS"), PURSUANT TO THE PROVISIONS OF
SECTIONS 266A TO 266-1, INCLUSIVE, OF ARTICLE 41 OF THE
ANNOTATED CODE OF MARYLAND (1978 REPLACEMENT VOLUME), AS
AMENDED, IN ORDER TO LOAN THE PROCEED THEREOF TO S. SCHWAB
COMPANY, INCORPORATED, A MARYLAND CORPORATION (THE
"COMPANY"), FOR THE SOLE AND EXCLUSIVE PURPOSE OF FINANCING
THE ACQUISITION BY THE COMPANY OF A CERTAIN INDUSTRIAL
BUILDING IN ALLEGANY COUNTY AS PROVIDED IN THIS PUBLIC LOCAL
LAW; MAKING CERTAIN LEGISLATIVE FINDINGS, AMONG OTHERS,
CONCERNING THE PUBLIC BENEFIT AND PURPOSE OF THE BONDS;
PROVIDING THAT THE BONDS SHALL BE REPAYABLE BY THE COUNTY
SOLELY FROM THE REVENUE DERIVED FROM LOAN REPAYMENTS (BOTH
PRINCIPAL AND INTEREST) MADE TO THE COUNTY ON ACCOUNT OF
SUCH LOAN AND (TO THE EXTENT PROVIDED BY RESOLUTION OF THE
COUNTY ADOPTED PURSUANT TO THIS PUBLIC LOCAL LAW) FROM THE
PROCEEDS OF THE BONDS, AND THAT NEITHER THE BONDS NOR THE
INTEREST THEREON SHALL EVER CONSTITUTE AN INDEBTEDNESS OR A
CHARGE AGAINST THE GENERAL CREDIT OR TAXING POWERS OF THE
COUNTY WITHIN THE MEANING OF ANY CONSTITUTIONAL OR CHARTER
PROVISION OR STATUTORY LIMITATION AND THAT NEITHER SHALL
EVER CONSTITUTE OR GIVE RISE TO ANY PECUNIARY LIABILITY OF
THE COUNTY; AUTHORIZING THE PRIVATE (NEGOTIATED)SALE OF THE
BONDS; AUTHORIZING AND EMPOWERING THE BOARD OF COUNTY