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PARRIS N. GLENDENING, Governor
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Ch. 558
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CHAPTER 558
(Senate Bill 738)
AN ACT concerning
Carroll County—Public Facilities Bonds
Local Government - Debt Authorization
FOR the purpose of authorizing and empowering the County Commissioners of
Carroll County, from time to time, to borrow not more than $33,740,000 in order
to finance the acquisition, construction, improvement, or development of certain
public facilities in Carroll County, as herein defined, and to evidence such
borrowing by the issuance and sale at public or private sale of its general
obligation bonds in like par amount empowering the County Carroll County to
fix and determine, by resolution, the form, tenor, interest rate or rates or
method of determining the same, terms, conditions, maturities, and all other
details incident to the issuance and sale of the bonds; empowering tho County
Carroll County to issue refunding bonds for the purchase or redemption of bonds
in advance of maturity; providing that such borrowing may be undertaken by
tho County Carroll County in the form of installment purchase obligations
executed and delivered by the County Carroll County for the purpose of
acquiring agricultural land and woodland preservation easements; empowering
and directing tho County Carroll County to levy, impose, and collect, annually,
ad valorem taxes in rate and amount sufficient to provide funds for the payment
of the maturing principal of and interest on the bonds; exempting the bonds and
refunding bonds and the interest thereon and any income derived therefrom
from all State, county, municipal, and other taxation in the State of Maryland;
providing that nothing in this Act shall prevent tho County Carroll County from
authorizing the issuance and sale of bonds the interest on which is not
excludable from gross income for federal income tax purposes; and relating
generally to the issuance and sale of such bonds; authorizing and empowering
the County Commissioners of Frederick County, from time to time, to borrow not
more than $3,000,000 in order to finance the cost of construction of certain
buildings and facilities for the use and benefit of the Tourism Council of
Frederick County, Inc. in Frederick County, as herein defined, and to effect such
borrowing by the issuance and sale at public or private sale of its general
obligation bonds in like principal amount; empowering Frederick County to fix
and determine, by resolution, the form, tenor, interest rate or rates or method of
determining the same, terms, conditions, maturities, and all other details
incident to the issuance and sale of the bonds; empowering Frederick County to
issue refunding bonds for the purchase or redemption of bonds in advance of
maturity; empowering and directing Frederick County to levy, impose, and
collect, annually, ad valorem taxes in rate and amount sufficient to provide funds
for the payment of the maturing principal of and interest on the bonds; exempting
the bonds and refunding bonds and the interest thereon and any income derived
therefrom from all State, county, municipal, and other taxation in the State of
Maryland; providing that nothing in this Act shall prevent Frederick County
from authorizing the issuance and sale of bonds the interest on which is not
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