A.
Bonds authorized. The County may borrow money through
the issuance and sale on the full faith and credit of the County of
its general obligation bonds.
B.
Purpose of bonds. The County shall use the proceeds of the bonds to provide funds to finance the design, engineering, construction, establishment, installation, improvement, extension, purchase, acquisition, or condemnation of any water supply, sewerage, solid waste, or drainage system authorized by this Part 1, including the provision of funds for the payment of interest before and during construction of the system and for a limited period not exceeding one year after the completion of construction.
B.
Ordinance or resolution.
(1)
The County shall adopt an ordinance or resolution
that:
(2)
In the ordinance or resolution, the County may provide
for publication of a brief summary of the notice of sale, in lieu
of publishing the entire notice, which need not contain all or any
of the information called for by Article 31 of the Annotated Code
of Maryland, but which shall state where interested parties may obtain
a complete copy of the notice of sale.
(3)
Each notice of sale also may contain a brief summary
of pertinent current financial information or indicate from whom that
information may be obtained.
C.
Sale to United States or State of Maryland.
(1)
Notwithstanding anything in this Part 1 or any other provision of law, the County may sell any bonds issued under this Part 1 to the United States of America or to the State of Maryland, or to an agency of either of them, at private sale on the same terms and conditions as may govern other purchases of similar obligations by the United States of America or the State of Maryland, or any agency of either of them.
A.
Receipt of bids. On the day mentioned in the notice
of sale or the summary of the notice for opening the bids for the
proposals called for, the County shall receive sealed proposals for
the purchase of the bonds as may be designated in the notice of sale
or the summary of the notice.
B.
Award.
(1)
Subject to the provisions of this Part 1, on the opening in public of the sealed proposals, the County shall award the bonds to the bidder or bidders for the bonds in cash, whose bid or bids are determined to be in the best interest of the County.
(2)
If there is no bid or an insufficient price is bid,
the County may subsequently sell the bonds at a private sale on the
best terms that can be obtained for the bonds, but they may not be
sold at private sale for less than par and accrued interest.
C.
Payment. All payments of the purchase price of the
bonds shall be made to the designated County official.
D.
Form and content of bond.
(1)
The bonds shall be designated "Queen Anne's County
Sanitary District Bonds."
(2)
The bonds shall be serial bonds issued on the serial
maturity plan.
(4)
The bonds shall:
(a)
Be executed on behalf of Queen Anne's County,
Maryland, by the President of the County Commissioners, whose signature
may be by facsimile;
(b)
Have the corporate seal of the County affixed
to the bond; and
(c)
Be authenticated and attested by the manual
signature of the Clerk of the County Commissioners of Queen Anne's
County.
E.
Redeeming bonds. The County may make the bonds redeemable
at whatever price and under whatever terms and conditions as the County
determines in the ordinance or resolution.
Any bonds or notes issued under this Part 1, their transfer, the interest payable on the bonds, and income derived from the bonds in the hands of the holders of bonds, including any profit made in the sale of bonds, shall be at all times exempt from taxation of every kind and nature whatsoever by the State of Maryland or by any of its political subdivisions or by any town or incorporated municipality or by any other public agency within the State of Maryland.
B.
Ad valorem tax.
(1)
To the extent that the funds from the sources listed under Subsection A of this section are insufficient to pay the principal of or interest on any bonds issued under this Part 1, the County Commissioners in each year in which the bonds are outstanding shall levy and collect ad valorem taxes on all assessable property in the corporate limits of the County in rate and amount sufficient to provide for the payments when due.
C.
Collection of taxes.
(1)
The designated County official shall collect the taxes
levied under this section in the same manner as state and County taxes
are collected.
(2)
The tax levied under this section shall bear the same
interest and be subject to the same penalties in the event of nonpayment
as in the case of other County taxes.
A.
General obligation notes.
(1)
To provide funds for the interim financing of the design, engineering, construction, establishment, installation, improvement, extension, purchase, acquisition, or condemnation of any water supply, sewerage, solid waste, or drainage system authorized by this Part 1, the County may borrow money in any amount for periods not exceeding five years through the issuance and sale on the full faith and credit of the County of its general obligation notes.
(2)
The County may issue notes partly to renew notes or
to discharge other obligations then outstanding, and partly for any
other purpose.
B.
Resolution.
(1)
The notes shall be authorized by a resolution, which
shall:
(a)
Cite the authority for the notes and the amount
authorized;
(b)
Fix the maturity, interest rate or manner of
determining the interest rate, and other terms of the notes;
(c)
Fix the price at which the notes may be sold,
which may be at, above, or below the face value of the notes; and
(d)
Fix the manner of the notes sale, which may
be by private negotiation by the County with a prospective purchaser
if the County deems the sale to be in the public interest and so finds
in the resolution.
