MINUTES OF THE BOARD OF

COUNTY COMMISSIONERS

August 28, 2001

          The Board of County Commissioners of Cecil County met in special session in their office at 107 North Street, Elkton, Maryland, on Tuesday, August 28, 2001, to accept bids on the Consolidated Public Improvement Bonds for the County.  The following members of the Board were present:

                   Nelson K. Bolender, President

                   Harry A. Hepbron, Commissioner

                   Phyllis Kilby, Commissioner

constituting a full Board.

          The meeting was called to order by President Bolender at 11:45 a.m. and opened with the Pledge of Allegiance.

          Ms. Cheryl Guth, Bond Counsel, and Mr. Sam Ketterman, Financial Advisor, were present.  Mr. Ketterman advised that the County received six bids.  The low bid was submitted by Ferris, Baker Watts, Inc. at a TIC of 4.377110%.  Bids were also received from UBS Paine Webber, Inc., First Union National Bank, Legg Mason Wood Walker, Inc., ABN AMRO Financial Services, Inc., and Merrill Lynch & Co.

          Mr. Ketterman stated the rates and all bids have been confirmed by Davenport & Co. as to their accuracy, and the low bid complies with the bid specifications.  He recommended that the Board accept the low bid of Ferris, Baker Watts, Inc.

          Motion was made by Commissioner Kilby, seconded by Commissioner Hepbron, and unanimously carried to accept the bid of Ferris, Baker Watts, Inc.

          A copy of the Resolution is incorporated as a part of these minutes.

          Motion was made by Commissioner Kilby, seconded by Commissioner Hepbron, and unanimously carried to adjourn.

                               __________________________________

                               Alfred C. Wein, Jr.

                               County Administrator

APPROVED:

______________________________

Nelson K. Bolender, President