September 23, 2003

The Board of County Commissioners for Cecil County met in regular session at the Cecil County Administrative Building, 107 North Street, Elkton, Maryland on Tuesday, September 23, 2003. The following members of the Board were present:

Nelson K. Bolender, President

Phyllis Kilby, Vice-President

William C. Manlove, Commissioner

Mark H. Guns, Commissioner

Constituting a quorum.

The meeting was called to order by President Bolender at 10:00 a.m.

- BOND RESOLUTION – CONSOLIDATED PUBLIC IMPROVEMENT & REFUNDED BONDS OF 2003 -

County Administrator Wein, Craig Whiteford, Budget Manager and Cheryl Guth, Bond Counsel presented to the Board a Resolution authorizing and empowering the County Commissioners of Cecil County to consolidate, issue and sell an aggregate principal amount not to exceed Twenty-Two Million Five Hundred Twenty-five Thousand Dollars ($22,525,000). This is subject to an adjustment, due to the refunding. The new portion is Eleven Million Ten Thousand Dollars ($11,010,000) the refunding principal is Nine Million Seven Hundred Fifty Five Thousand Dollars (9,755,000). The Board has existing authority for this issuance and the 20 years. The refunding will generate a savings to the County of approximately Five Hundred and Fifty Thousand Dollars ($550,000.) with the bulk of the savings in the first two years.

Motion was made by Commissioner Guns, seconded by Commissioner Manlove and unanimously carried to approve the Consolidated Public Improvement & Refunded Bonds of 2003.