MINUTES OF THE BOARD OF

COUNTY COMMISSIONERS MEETING

2010 General Obligation Bond Sale

The Board of County Commissioners for Cecil County met in special session in the Perryville Conference Room, located within the County Administrative Building, 200 Chesapeake Blvd., Elkton, Maryland on Tuesday, February, 16, 2010 at 11:00 A.M. to review bids for the $15,420,000 Cecil County Consolidated Public Improvement Bonds of 2010 (Taxable Build America Bonds – Direct Payment to Issuer) and to also review bids for the $25,160,000 Cecil County Consolidated Public Improvement and Refunding Bonds of 2010 (Tax-Exempt).

The following members of the Board were present:

• Brian L. Lockhart, President
• Rebecca J. Demmler, Vice President
• Wayne L. Tome, Sr., Commissioner
• Robert H. Hodge, Commissioner
• James T. Mullin, Commissioner
• Sam Ketterman, Davenport LLC and Cheryl Guth, McGuire Woods LLP, Bond Counsel were also present.

The following represents the bidders and true interest costs for each bid:

$15,420.00 Taxable General Obligation Consolidated Public Improvement Bonds of 2010 (Build America Bonds-Direct Payment to Issuer)

Bidders T.I.C.

Robert W. Baird & Co., Inc. 5.259427

Praeger, Sealy & Co., LLC. 5.273051

BMO Capital Markets 5.298686

Morgan Keegan & Co., Inc. 5.328666

Piper Jaffray 5.369266

BB&T Capital Markets 5.389545

Sterne, Agee & Leach, Inc. 5.490251

Wells Fargo Advisors 5.542065

Mr. Ketterman recommended to the Board that they accept the bid this issue as submitted by Robert W. Baird & Co. Inc., apparent low bidder, at an interest rate of 5.259427.

Motion was made by Commissioner Tome, seconded by Commissioner Mullin and unanimously carried to award to Robert W. Baird & Co. Inc., at an interest rate of 5.259427.

A copy of the resolution with bidder list and bids is attached hereto an incorporated into these minutes.

The following represents the bidders and true interest costs for each bid:

$25,160,000 General Obligation Consolidated Public Improvement and Refunding Bonds of 2010

Bidders T.I.C.

Robert W. Baird & Co., Inc. 2.343375

Morgan Keegan & Co., Inc. 2.348134

Janney Montgomery Scott, Inc. 2.353740

Citigroup Global Markets, Inc. 2.361182

BB&T Capital Markets 2.369524

Banc of America Merrill Lynch 2.373781

Piper Jaffray 2.379926

J.P. Morgan Securities, Inc. 2.391950

Stifel Nicolaus & Company, Inc. 2.397271

Hutchinson, Shockey, Erley & Co. 2.404800

M&T Securities, Inc. 2.406127

Morgan Stanley & Co., Inc. 2.446168

T.D. Securities 2.477506

Mr. Ketterman recommended to the Board that they accept the bid for the $25,160,000 Cecil County Consolidated Public Improvement and Refunding Bonds of 2010 (Tax-Exempt) submitted by Robert W. Baird & Co., Inc., apparent low bidder at an interest rate of 2.343375.

Motion was made by Commissioner Mullin, seconded by Commissioner Tome and unanimously carried to Robert W. Baird & Co., Inc., at an interest rate of 2.343375.

A copy of the resolution with bidder list and bids is attached hereto and incorporated into these minutes.

The blended rate, after factoring in the 35% rate subsidy paid to the County for the Build America Bonds, is 2.95%