[1972, ch. 739, § 2]
A.
Issuance. For the purpose of providing funds for the design, construction, establishment, purchase, acquisition or condemnation of the water supply, sewerage and drainage systems provided for by this chapter or to repay any loan entered under § 97-32 of this chapter, the County shall from time to time, as it deems necessary, issue bonds upon the full faith and credit of the County. The County may pay the interest on any bonds it issues or the interest on any loan it enters out of the proceeds of the sale of the bonds, but not more than one year's interest may be so expended.
[Amended 1991, ch. 309, § 1]
B.
Procedure. Except as hereinafter provided, the County shall offer
such bonds only by solicitation of competitive bids therefor, which
offering shall be made in accordance with the provisions of Sections
9 through 11 of Article 31 of the Annotated Code of Maryland. The
County shall, by ordinance or resolution, fix the terms and conditions
of the public sale or sales of such bonds and such ordinance or resolution
shall adopt suitable forms of notice of such sale or sales which shall
briefly outline the terms and conditions thereof in accordance with
the provisions of this and the following sections. In lieu of publishing
the entire notice of sale, in any instance, the County may, if it
so elects, in any such ordinance or resolution provide for the publication
of a brief summary of any such notice which need not contain all or
any of the information called for by Section 10 of Article 31 of the
Annotated Code of Maryland, but which shall state where interested
parties may obtain a complete copy of any such notice of sale. Each
such notice of sale may also contain a brief summary of pertinent
current financial information or indicate from whom such information
may be obtained.
[1972, ch. 739, § 2; amended 11-13-2012 by Ord. No. 2012-12]
Upon the day mentioned in any such notice of sale or summary thereof for opening the bids for the proposals thereby called for, the County shall receive such sealed proposals for the purchase of such bonds as may be designated in the notice of sale or summary thereof. Subject to the provisions of § 97-27 of this chapter, upon the opening in public of such sealed proposals, the bonds shall be awarded by the County to the bidder or bidders therefor for cash whose bid or bids are determined to be in the best interest of the County. If such bonds so offered for sale are not bid for, or if any insufficient price be bid for them, they may be subsequently sold, in the discretion of the County, at a private sale upon the best terms that can be obtained for the same, provided that they shall not be sold at private sale for less than par and accrued interest. All payments of the purchase price of such bonds shall be made to the Director of Finance. Such bonds shall be designated "Cecil County Sanitary District Bonds," and shall be serial bonds issued upon the serial maturity plan and shall be in such form or forms, shall be of such denomination or denominations, and of such period of maturity, not exceeding 50 years, and bear such rate or rates of interest as the County may by ordinance or resolution deem advisable. The bonds may be made redeemable, at the option of the County, at such price and under such terms and conditions as the County may determine in said ordinance or resolution. The bonds shall be executed on behalf of Cecil County, Maryland, by the County Executive, whose signature may be by facsimile, shall have the corporate seal of the County affixed thereto and shall be authenticated and attested by the manual signature of the Director of Finance.
[1972, ch. 739, § 2]
The bonds issued pursuant to this chapter, their transfer, the
interest payable thereon and income derived therefrom in the hands
of the holders thereof from time to time (including any profit made
in the sale thereof) shall be and are hereby declared to 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.
[1972, ch. 739, § 2; 1991, ch. 309, § 1; 11-13-2012 by Ord. No. 2012-12]
At no time shall the total issue of bonds outstanding for any purpose under this chapter and the total debt for loans entered under § 97-32 of this chapter exceed 15% of the total value of property assessed for County taxation purposes.
[1972, ch. 739, § 2]
The payment of interest on and principal of any bonds issued pursuant to this chapter shall be provided from the funds received from the levy and collection of the benefit assessments and the imposition of connection, service and other charges as hereinbefore in this chapter provided in §§ 97-17 through 97-20, inclusive, hereof. To the extent that such funds from all such sources are insufficient to pay the principal or interest on any bonds issued under this chapter, the County in each and every fiscal year in which such bonds are outstanding shall levy and collect ad valorem taxes upon all assessable property within the corporate limits of Cecil County in rate and amount sufficient to provide for such payments when due, and in the event the proceeds from the taxes so levied in any fiscal year are inadequate for the above purposes, the County shall levy additional taxes in the succeeding fiscal year to make up any deficiency. The Director of Finance is hereby required to collect the tax so levied, in the same manner as state and County taxes are collected, and such tax 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.
[1972, ch. 739, § 2]
Whenever the County shall issue bonds under this chapter together
with any other issue of bonds for any public purpose, the County may,
in its discretion, consolidate the bonds issued hereunder with the
issue or issues of bonds for any other public purpose. If such bond
issues are consolidated for sale, the County may require that bids
for such consolidated issues of bonds be submitted on an all-or-none
basis. The provisions of this section shall apply to all County loans
now or hereafter authorized notwithstanding any provisions contained
in any act or acts expressly authorizing such loans, and all provisions
of such act or acts, to the extent of their inconsistency with the
provisions of this section, are hereby repealed.
