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Session Laws, 1987
Volume 769, Page 4   View pdf image
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Ch. 1

LAWS OF MARYLAND

25 years, all as the County Commissioners of Somerset County may
by resolution provide. However, the first maturity shall be
within 5 years of the date of the bonds, and the proceeds of the
sale or sales shall be spent in accordance with the provisions of
this Act. The borrowing and every bond, coupon or other evidence
thereof, and the interest payable thereon, shall be and remain
exempt from taxation by the State of Maryland and by the counties
and municipalities of the State.

SECTION 2. AND BE IT FURTHER ENACTED, That the bonds shall
be signed by the President of the County Commissioners of
Somerset County and by the Treasurer of Somerset County, with the
seal of Somerset County or a facsimile of it affixed thereto.
The bonds shall be payable at the place and on the date or dates
the County Commissioners shall provide by resolution. The bonds
shall bear interest at a rate or rates as provided by resolution
of the County Commissioners, and installments of interest may be
evidenced by semiannual coupons attached to the bonds bearing the
facsimile signature of the Treasurer of Somerset County. If the
bonds are issued, the issue and sale shall be in accordance with
the provisions of Section 22 of Article 31 of the Annotated Code
of Maryland (1986 Replacement Volume, as amended from time to
time) and Sections 8-117 through 8-141 and 8-134 of the State
Finance and Procurement Article of the Annotated Code of Maryland
(1985 Volume and 1986 Supplement, as amended from time to time)
fixed at public or private sale and shall be issued upon such
other terms and conditions as the County Commissioners may, in
the exercise of their discretion, deem to be the best interests
of the county without limitation by any other federal, State, or
local law as to the exercise of the borrowing power granted under

this Act.

SECTION 3. AND BE IT FURTHER ENACTED, That for the purpose
of paying the interest on the bonds, and for redeeming the same
as they mature and become payable, the County Commissioners of
Somerset County shall levy annually a tax upon the assessable
property in Somerset County sufficient to pay the annual interest
on the bonds and to redeem them as they become due, until all of
the bonds mature and are redeemed. The taxes so levied shall be
collected in the same manner as other taxes are levied and
collected in the County.

SECTION 4. AND BE IT FURTHER ENACTED, That out of the
actual cash proceeds from the sale of any of the bonds shall be
paid first the cost of printing and other outlays and expenses
and charges connected with their issue, and the entire balance of
the actual cash proceeds, together with any interest that may be
received on them, shall be retained by the County Treasurer of
Somerset County until needed for the purposes specified as in
this Act.

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Session Laws, 1987
Volume 769, Page 4   View pdf image
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