[HISTORY: Adopted by the Board of County Commissioners of Calvert County as indicated in article histories. Amendments noted where applicable.]
[Adopted 4-11-1978 by Res. No. 9-78]
The funds now or hereafter accumulated in the sinking fund shall be disbursed as follows:
The Board from time to time shall issue its warrants to the Treasurer of Calvert County directing him to purchase specified amounts of the county's outstanding general obligation bonds.
Using moneys available in the sinking fund, the Treasurer shall promptly purchase, in brokers transactions or through invited tenders, as many of the county's outstanding general obligation bonds as it is possible to purchase with the amount specified.
The aggregate purchase price of all bonds purchased within any twelve-month period shall not exceed the par value of such bonds plus accrued interest thereon to date of purchase.
No bonds will be purchased which do not have all unmatured coupons, if any, attached.
To the extent reasonably available within the foregoing limitations, the Treasurer will seek to purchase bonds having the longer maturities and higher interest rates.
All bonds and unmatured coupons so purchased shall be canceled and cremated or destroyed in such other manner as the Treasurer may elect, but he shall keep proper records thereof.
The Treasurer is authorized to act directly or by and through securities brokers or paying agents as he may deem advisable.
The Treasurer, within 15 days of the date of purchase, shall report to the Board all purchases of bonds made pursuant to this chapter.