The Town of Edmonston, Maryland, is hereby empowered to borrow
money for any proper public purpose and to evidence such borrowing
by the issuance and sale of its general obligation bonds.
The Town of Edmonston, Maryland, shall likewise have authority
to borrow money in anticipation of the receipt of current taxes and
to evidence such borrowing by the issuance and sale of tax anticipation
notes, payable as to principal and interest from said taxes when received.
All bonds of the Town of Edmonston shall be authorized by resolution
of the Mayor and Town Council of Edmonston which shall contain the
following:
A. A
statement of the public purpose upon which the proceeds of said bonds
have to be expended.
B. The
complete form of said bonds which shall include the place or places
and time or times of payment thereof, the rate or rates of interest
payable thereon, or a space for the insertion of such rate or rates
of interest upon a determination thereof, the title of the officials
whose signatures shall be affixed to or printed on said bonds, the
authority for issuance thereof, and the taxes and any special revenues
from which the principal of and interest on said bonds will be payable.
C. If
the bonds are sold at public sale after solicitation of competitive
bids, the form of the notice soliciting bids for the purchase of said
bonds which shall set forth the date, place and time for receiving
and opening of bids, and a brief description of the purpose or purposes
for which said bonds are to be issued, a brief description of the
denominations, maturities, terms and conditions of said bonds, a statement
of the rate or rates of interest to be borne by said bonds or the
manner of determining the same, a precise statement of the manner
in which the best offer for said bonds will be determined and a reference
to the resolution authorizing the same. Said notice of sale may also
require the prospective purchasers to submit bids on specified forms,
may require such prospective purchasers to accompany their bids with
good faith deposits in specified amounts, may make appropriate provisions
for approval of legality of such bonds, and may contain a financial
statement of such municipal corporation.
The foregoing provisions which may be included in such a notice
of sale may also be separately set forth in a circular or official
statement, the form of which shall likewise be adopted by a resolution
or ordinance of the Town of Edmonston.
D. Specific
provision for the appropriation and disposal of the proceeds of the
sale of any such bonds and any specific provision for the payment
of the principal thereof and the interest thereon, which provision
shall specify the source or sources of payment, and shall constitute
a covenant binding the Town of Edmonston to provide the funds from
such source or sources as and when said principal and interest shall
be due and payable.
E. Municipal
bonds or notes may be sold for any public purpose by private negotiated
sale without advertisement or publication of notice of sale or at
public sale after solicitation of competitive bids, as determined
by the resolution or ordinance authorizing the issuance of the bonds
or notes.
F.
(1) Any public sale of municipal bonds or notes may be held only after
one (1) or more insertions of a notice of the sale in either a newspaper
of general circulation in the town or a publication having a circulation
primarily among the investment and financial community.
(2) The first insertion of the notice of sale shall be published at least
ten (10) days before the date fixed for the sale.
G.
(1) Municipal bonds or notes issued under this subsection may be sold
or redeemed for a price or prices which may be at, above or below
the par value of the bonds or notes, as provided in the authorizing
resolution or ordinance.
(2) The resolution or ordinance that authorizes the municipal bonds or
notes may provide for prior redemption of the bonds or notes.
(3) Municipal bonds or notes may be issued, sold and delivered on such
terms and conditions, including fixed or variable rate or rates of
interest or method of determining interest rate or rates, as provided
in the authorizing resolution or ordinance.
H. Municipal
bonds or notes may be issued for either cash or other valuable consideration.
I. The
official signatures and seals affixed to any municipal bonds or notes
may be imprinted in facsimile.
J. The
town may enter into agreements with agents, banks, fiduciaries, insurers
or others for the purpose of enhancing the marketability of or as
security for the bonds or notes and for securing any tendered option
granted to holders.
[As amended by Resolution 90-CR-001 of the Mayor and Town
Council 12-10-1990]
Each such resolution shall be adopted by the Mayor and Town
Council of the Town of Edmonston by a majority vote of the Mayor and
the Council members, and it shall not be necessary to submit any such
resolution to a referendum of voters unless such resolutions shall
so provide. Each such resolution may contain such other provisions,
not inconsistent with this section, as the Mayor and Town Council
may deem appropriate.
No tax anticipation notes shall be issued which shall mature
later than eighteen (18) months from their respective dates of issue,
and no bonds shall be issued by the Town which shall mature later
than forty (40) years from their respective date of issue.
[As amended by Resolution 90-CR-001 of the Mayor and Town
Council 12-10-1990]
The amount of money borrowed by the Town shall not exceed at
any one time of total sum of ten percent (10%) of the assessed valuation
of all real and personal property in the town appearing on the assessments
books of Prince George's County, Maryland.