[HISTORY: Adopted by the Harford County Council by Bill No. 88-11. Amendments noted where applicable.]
Acting pursuant to the authority of the Charter, the Code and the laws of the State of Maryland, the county hereby authorizes and approves the incurring of debt or the payment of purchase price or rental installments for the purpose of financing a portion of the capital cost of capital equipment, improvements, extensions, modification, alterations or any combination thereof to the property of the county, including water and sewerage systems in the county, together with the acquisition of all necessary property rights and equipment and all related architectural, financial, legal, construction management, planning, design and engineering expenses for the Havre de Grace Water Plant, Vale Road Water Tank, Abingdon Tank, Route 7 Loop Section 1, Abingdon Booster Station and Perryman Booster Station (collectively, the "project"). The total cost of the project is not expected to be less than ten million dollars ($10,000,000.).
Prior to the issuance, sale and delivery of any bonds, notes, evidences of indebtedness, lines of credit, financing leases or installment purchase obligations in reliance of this ordinance, the County Council shall, without limitation, determine administratively in the resolution:
The form of instruments or agreements by which the debt or financing authorized herein shall be evidenced, including but not limited to bonds, notes, community participation bonds, letters of credit, trust agreements, trust indentures, financing or installment purchase leases or similar financing agreements or participation in any bond bank or bond pooling arrangement administered by the State of Maryland or a subsidiary entity of it.
The manner, if any, by which any indebtedness or financing shall be secured, including but not limited to a pledge of the revenues from the county's water and sewer system or any other appropriate revenue stream, a letter or letters of credit, bond or other such insurance and a pledge of the full faith and credit and unlimited taxing power of the county.
The principal amounts, rate or rates of interest or method of determining such rate or rates, date, denominations, maturity payment provisions and prepayment, tender and/or redemption provisions (if any) and other terms and conditions thereof.
The substantially final form and contents or consent to the distribution (and shall authorize the execution and delivery, where applicable) of various agreements and documents as are necessary to implement the financing authorized herein, including but not limited to a preliminary official statement and/or an official statement, and, in the event that any evidence of indebtedness is sold through competitive bidding, a notice of sale, and, in the event that any evidence of indebtedness is sold by private (negotiated) sale, a purchase contract with the underwriter(s) thereof (collectively, the "documents"), required for the issuance, sale and delivery of any evidence of indebtedness or the completion of the financing authorized herein, which documents shall contain such provisions as may be required by law or to consummate the financing authorized herein.
The manner in which any evidence of indebtedness, lease financing or installment purchase obligation shall be executed, sealed and attested (which may be by facsimile signature and/or seal).
Provision for the payment of all necessary expenses of preparing, printing and selling any evidence of indebtedness and the documents, including, without limitation, any and all costs, fees and expenses incurred by or on behalf of the county in connection with the authorization, issuance, sale and delivery of any bonds or notes, and all costs incurred in connection with the development of the documents, including the fees of counsel to the county, and compensation to any persons (other than full-time employees of the county) or entities performing services for or on behalf of the county in connection therewith and in connection with all other transactions contemplated by this ordinance, regardless of whether the proposed financing is consummated.
Whether the financing is to be accomplished by public sale, private (negotiated) sale or by private placement.
Such other matters in connection with the consummation of the financing transactions contemplated by this ordinance as may be deemed appropriate by the County Council, including, without limitation, the appointment of agents (including but not limited to trustees, paying agents, remarketing agents, indexing agents and/or registrars) in connection with the financing, execution, acknowledgment, sealing and delivery of such other and further agreements, documents and instruments and the authorization of the officials of the county to take any and all actions as are or may be necessary or appropriate to consummate the transactions contemplated by this ordinance in accordance with the terms hereof and of the resolution.
The resolution shall be deemed to be of an administrative nature and shall be effective upon the date specified in the resolution.
Authority is hereby conferred respectively on the County Executive of the county, the Director of Administration, the Treasurer, the County Attorney and the Secretary of the County Council, or any of them, and they are hereby directed to take the following actions on behalf of the county:
To execute, acknowledge, seal and deliver the documents substantially in the forms determined administratively by the County Council in the resolution; and
To execute, acknowledge, seal and deliver such other and further certificates, agreements, documents and instruments and take such other acts as they or any one (1) or more of them may deem necessary or appropriate to consummate the transactions contemplated by this ordinance in accordance with the provisions hereof and of the resolution.
The Treasurer, or his authorized deputy, is hereby authorized and empowered to prepare and distribute copies of the documents to any person who may, in his judgment, be interested in participating in the financing of the project or who may request the same or information with respect thereto; provided, however, that any preliminary official statement and related material shall be clearly marked to indicate that they are subject to completion and amendment.
In the event that any evidences of indebtedness or lease financing or installment purchase obligations shall be specified or provided for to be secured by the pledge of the full faith and credit and unlimited taxing power of the county, the county shall levy or cause to be levied in all fiscal years in which any such evidences of indebtedness, lease financing or installment purchase obligations are outstanding, upon all legally assessable property within its corporate limits, ad valorem taxes in rate and amount sufficient to provide for the payment, when due, of all payments due with respect to such financing in each such fiscal year. If the proceeds from the taxes so levied in any such fiscal year are inadequate for such payment, additional taxes shall be levied in the succeeding fiscal year to make up such deficiency. The county covenants and agrees with the holders or obligees, from time to time, of any evidences of indebtedness or lease financing or installment purchase obligations to levy and collect the taxes hereinabove described and to take any further action that may be appropriate from time to time during the period that such financing obligations remain outstanding and unpaid to provide the funds necessary to pay the same promptly when due.
If the County Council determines in the resolution that it is in the best interests of the county to sell any evidence of indebtedness or lease financing or installment purchase obligation by private (negotiated) sale, the County Council hereby authorizes the appointment of an underwriter (the "underwriter") in connection with the sale thereof and the payment by the county to the underwriter out of the proceeds of the sale thereof or otherwise for services rendered in connection therewith an amount not to exceed two percent (2%) of the principal amount of such financing.
The County Executive is hereby authorized and empowered for and on behalf of the county to cause the preparation, printing, execution and delivery of the documents, each substantially in the form presented to the County Council, with such modifications, supplements or amendments thereto as may be recommended by counsel, and to do all such things as may be necessary or desirable in the opinion of the County Executive in connection therewith.
Nothing herein contained shall authorize the expenditure of county funds until such time as such expenditure shall have been appropriated by the County Council, and this ordinance shall not be construed as authorizing or approving any project not otherwise authorized or approved by all appropriate legal authorization.
The provisions of this ordinance are severable, and if any provision, sentence, clause, section or part hereof is held illegal, invalid or unconstitutional or inapplicable to any person or circumstances, such illegality, invalidity or unconstitutionality or inapplicability shall not affect or impair any of the remaining provisions, sentences, clauses, sections or parts of this ordinance or their application to other persons or circumstances. It is hereby declared to be the legislative intent that this ordinance would have been passed if such illegal, invalid or unconstitutional provision, sentence, clause, section or part had not been included herein and if the person or circumstances to which this ordinance or any part hereof are inapplicable had been specifically exempted herefrom.
This act shall take effect sixty (60) calendar days from the date it becomes law.