Maryland HB 927: Carroll County - Public Facilities Bond

Bill Text

WES MOORE, Governor Ch. 343

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Chapter 343
(House Bill 927)

AN ACT concerning

Carroll County – Public Facilities Bond

FOR the purpose of authorizing and empowering the County Commissioners of Carroll
County, from time to time, to borrow not more than $27,000,000 in order to finance
the construction, improvement, or development of certain public facilities in Carroll
County, including water and sewer projects, to finance loans for fire or
emergency–related equipment, buildings, and other facilities of volunteer fire
departments in the County, and to effect such borrowing by the issuance and sale at
public or private sale of its general obligation bonds in like par amount; empowering
the 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 the County to
issue refunding bonds for the purchase or redemption of bonds in advance of
maturity; providing that such borrowing may be undertaken by the County in the
form of installment purchase obligations executed and delivered by the County for
the purpose of acquiring agricultural land and woodland preservation easements;
empowering and directing the 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 the 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 generally relating to the issuance and sale of such bonds.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
That, as used herein, the term “County” means the body politic and corporate of the State
of Maryland known as the County Commissioners of Carroll County, and the term
“construction, improvement, or development of public facilities” means the acquisition,
alteration, construction, reconstruction, enlargement, equipping, expansion, extension,
improvement, rehabilitation, renovation, upgrading, and repair of public buildings and
facilities and public works projects, including, but not limited to, public works projects such
as roads, bridges and storm drains, public school buildings and facilities, landfills, Carroll
Community College buildings and facilities, public operational buildings and facilities such
as buildings and facilities for County administrative use, public safety, health and social
services, libraries, refuse disposal buildings and facilities, water and sewer infrastructure
facilities, 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 land or woodland,
and parks and recreation buildings and facilities, together with the costs of acquiring land
or interests in land as well as any related architectural, financial, legal, planning, or
engineering services.

Ch. 343 2026 LAWS OF MARYLAND

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SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to finance any part or all of the costs of the construction, improvements, or
development of public facilities described in Section 1 of this Act, to make loans to each and
every volunteer fire department in the County upon such terms and conditions as may be
determined by the County for the purpose of financing certain fire or emergency–related
equipment, buildings, or other facilities of volunteer fire departments, and to borrow money
and incur indebtedness for those purposes, at one time or from time to time, in an amount
not exceeding, in the aggregate, $27,000,000 and to evidence such borrowing by the
issuance and sale upon its full faith and credit of general obligation bonds in like par
amount, which may be issued at one time or from time to time, in one or more groups or
series, as the County may determine.

SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall be issued in
accordance with a resolution of the County, which shall describe generally the construction,
improvement, or development of public facilities, including water and sewer projects, the
fire or emergency–related equipment, buildings, or other facilities of volunteer fire
departments in the County for which the proceeds of the bond sale are intended and the
amount needed for those purposes. The County shall have and is hereby granted full and
complete authority and discretion in the resolution to fix and determine with respect to the
bonds of any issue: the designation, date of issue, denomination or denominations, form or
forms, and tenor of the bonds which, without limitation, may be issued in registered for