§ 21-137.05. Authorization, issuance, and sale of revenue bonds; trust agreements.

(a)

The County is authorized from time to time to borrow money to finance any costs relating to all or any portion of the County recycling and disposal system, including (without limitation) the costs of the design, acquisition, construction, equipping, installation, expansion, and improvement of any County recycling facility or County solid waste acceptance facility or other facility used or useful in the operation and maintenance of the County recycling and disposal system, and in connection therewith to issue revenue bonds, all of which shall be fully negotiable. Revenue bonds may be secured by:

(1)

A pledge of the fees, charges, and other revenues received from, or in connection with, all or any portion of the County recycling and disposal system;

(2)

Except to the extent prohibited under any constitutional, statutory, or Charter provision, a mortgage or other encumbrance upon all or any portion of the County recycling and disposal system, excluding land; or

(3)

A combination of (1) and (2).

None of the revenue bonds shall be general obligations of the County or otherwise constitute a pledge of the faith and credit or the taxing power of the County, nor shall any revenue bonds constitute indebtedness of the County within the meaning of Section 5(P)(1) of Article 25A of the Annotated Code of Maryland or any other constitutional, statutory, or Charter provision limiting or restricting the sale or issuance of bonds, notes, or other obligations of the County, or requiring the computation of the aggregate indebtedness of the County.

(b)

The County Council shall adopt a resolution authorizing the issuance of any revenue bonds. The resolution shall:

(1)

Describe, generally, the system, project, or undertaking to be financed, in whole or in part, by any such bonds;

(2)

Specify the maximum principal amount of any such bonds;

(3)

Describe the security for any such bonds within the limitations of Subsection (a); and

(4)

Impose such terms or conditions on the issuance and sale of such bonds as the County Council deems appropriate.

(c)

The County Executive shall specify, prescribe, determine, provide for, or approve such matters, details, forms, documents, or procedures as the County Executive, within any limitations imposed by the resolution of the County Council adopted pursuant to Subsection (b), shall deem appropriate to the authorization, sale, security, issuance, delivery, or payment of or for any revenue bonds, including (without limitation) the following:

(1)

The dates of such bonds;

(2)

The maturities of such bonds, provided that no such bond shall mature later than forty (40) years from the date of its issue;

(3)

The rates of interest payable on such bonds, or the method of determining the same, and the date or dates of payment thereof;

(4)

The forms, denominations, manner of execution, and the place or places of payment of such bonds and of the interest thereon, which may be at any bank or trust company within or without the State of Maryland;

(5)

Terms for the redemption of such bonds before maturity, if any;

(6)

The security for such bonds;

(7)

Whether such bonds shall be sold at public or private (negotiated) sale; and

(8)

Provisions for the administration of such bonds, such as trust or other agreements with banks or trust companies or other fiscal agents.

(d)

Any trust agreement entered into pursuant to this Section may contain such provisions as the County Executive shall deem reasonable and proper for the administration of revenue bonds and the security of the holders thereof within the limitations of any resolution of the County Council adopted pursuant to Subsection (b) and Section 21-137.06. No trust agreement or other instrument adopted or entered into by the County under this Subtitle need be filed or recorded except in the records of the County.

(e)

Revenue bonds, in addition to fixed rate, may be variable rate demand obligations, commercial paper, or other short-term obligations, including (without limitation) obligations that are required to be purchased or redeemed prior to stated maturity dates; may bear interest at variable rates established from time to time by a remarketing agent on the basis of current market conditions; and may be converted to bear interest at fixed or different variable rates upon certain conditions, all as determined by the County Executive.

(f)

The County Executive is authorized to take all actions and enter into all agreements necessary or appropriate for the establishment of any supporting credit or liquidity arrangement for any revenue bonds, including, but not limited to, a letter of credit, bond insurance policy, line of credit, revolving loan agreement, or remarketing agreement.

(g)

Revenue bonds shall be signed by the County Executive or such other officer of the Executive Branch as shall be designated by resolution of the County Council, and the seal of the County shall be affixed thereto and attested by the Clerk to the County Council or other officer of the County designated by resolution of the County Council. If any officer whose signature appears on any such bonds ceases to be such officer before delivery of such bonds, his or her signature shall nevertheless be valid and sufficient for all purposes, the same as if he or she had remained in office until delivery.

(h)

The County is authorized by resolution of the County Council, adopted in accordance with Subsection (b), to provide for the issuance of its revenue bonds for the purpose of refunding any outstanding revenue bonds or other obligations of the County issued to finance the costs of any portion of the County recycling and disposal system, including the payment of any redemption premium thereon and any interest accrued or to accrue to the date of retirement of such bonds or other obligations. The proceeds of any refunding revenue bonds may, pending their application in accordance with this Section, be invested and reinvested in such investments as shall be permitted for the investment of revenues of the County recycling and disposal system.

(i)

Any holder of a revenue bond or any trustee on its behalf, except to the extent the rights herein given may be restricted by a trust agreement entered into pursuant to Section 21-137.06, may protect and enforce any and all rights granted under the trust agreement, and may enforce the performance of all duties required by this Subtitle or the trust agreement to be performed by the County, including the fixing, charging, and collecting of rates, fees, and charges for the use of, or the services furnished by, the County recycling and disposal system.

(j)

Revenue bonds may be issued under the provisions of this Section without any other proceeding or the happening of any other condition or thing than those proceedings, conditions, or things which are specifically required by this Section.

(CB-57-1990)