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Session Laws, 1945
Volume 589, Page 1092   View pdf image (33K)
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1002 . LAWS OF MARYLAND. [CH. 863

SEC. 6. And be it further enacted:

(Credit of City Not Pledged. ) Revenue bonds issued under
the provisions of this Act shall not be deemed to constitute a
debt of the City or a pledge of the faith and credit of the City,
but such bonds shall be payable solely from the funds of the
Authority hereinafter provided therefor from revenues of the
Market. All such bonds shall contain, a statement on their
face to the effect that the City is not obligated to pay such
bonds or the interest thereon. The issuance of revenue bonds
under the provisions of this Act shall not directly or indirectly
or contingently obligate the City to levy or to pledge any
form of taxation whatever therefor or to make any appropria-
tion for their payment.

SEC 7. And be it further enacted:

(Eights of Present Stall-holders. ) In the operation of the
Market the Authority shall preserve, to the extent required by
law, all rights of any persons in or to any of the stalls now
located in the existing market, and shall give first choice as to
location in the rental of stalls in the Market to the present
tenants of stalls in the existing market.

SEC. 8. And be it further enacted:

(Revenue Bonds. ) The Authority shall have power and is
hereby authorized at one time or from time to time to provide
by resolution for the issuance of negotiable revenue bonds of
the Authority for the purpose of paying all or a part of the
cost of the Market. The resolution authorizing the issuance of
revenue bonds under the provisions of this Act shall state the
purchase price of the existing market, and revenue bonds in an
amount equal to such purchase price shall be included in the
authorized issue of bonds hereunder.

The revenue bonds shall be dated, shall bear interest at such
rate or rates not exceeding six per centum per annum, payable
semi-annually, and shall mature at such time or times not ex-
ceeding forty years from their date or dates, as may be de-
termined by the Authority, and may be made redeemable be-
fore maturity, at the option of the Authority, at such price or
prices and under such terms and conditions as may be fixed by
the Authority prior to the issuance of the bonds. The principal
of and the interest on such bonds may be made payable in any
lawful medium and shall be payable solely from the special
fund provided by this Act for such payment. The Authority
shall determine the form of the bonds, including any interest
coupons to be attached thereto, the manner of executing the
bonds, the denomination or denominations of the bonds, and
the place or places of payment of principal and interest thereof,

 

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Session Laws, 1945
Volume 589, Page 1092   View pdf image (33K)
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