[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.).
A.Â
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:
(1)Â
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.
(2)Â
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.
(3)Â
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.
(4)Â
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.
(5)Â
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).
(6)Â
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.
(7)Â
Whether the financing is to be accomplished by public
sale, private (negotiated) sale or by private placement.
(8)Â
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.
B.Â
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:
A.Â
To execute, acknowledge, seal and deliver the documents
substantially in the forms determined administratively by the County
Council in the resolution; and
B.Â
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.
