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Session Laws, 1957
Volume 640, Page 654   View pdf image (33K)
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654                                     Laws of Maryland                            [Ch. 446

(k) The Authority is further authorized to provide by resolution
for the issuance of a single issue of its revenue bonds for the com-
bined purposes of (1) paying the cost of any improvement, exten-
sion, enlargement or reconstruction of any of its existing projects
and (2) of refunding its revenue bonds which shall theretofore have
been issued for the purpose of providing funds for the cost of such
project which shall then be outstanding and which shall then have
matured or be subject to redemption or can be acquired for retire-
ment.

(1) Only fees, rents, tolls, charges and revenues received from the
use of the project or projects constructed from the proceeds of the
bonds issued under the provisions of this Act shall be used for OR
appropriated for the payment of interest or principal of such bonds,
provided, however, that prior to and during construction and for
one (1) year after the completion of the construction of any such
project or projects for which revenue bonds have been issued here-
under, the interest on such bonds may be paid out of the proceeds
realized from the sale of such bonds.

7. (Provisions of Authorizing Resolution)—Any resolution or
resolutions authorizing the issuance of any revenue bonds under this
Act may contain provisions which shall be part of the contract with
the holders thereof and which may relate to the following:

(a)   Recital which may specify that the revenues received or to
be received from the project or projects the cost of which have or
are to be financed from the proceeds of any issue of revenue bonds,
certificates or other evidence of indebtedness issued under this Act
may not be used to service any other revenue bonds authorized here-
under issued to finance the cost of any other project or projects;

(b)  Subject to the provisions of sub-paragraph (a) of this sec-
tion, the pledging of the full faith and credit of the Authority (but
not of the State of Maryland or the County or any political sub-
division thereof) for such obligations;

(c)  The construction, improvement, operation, extension, enlarge-
ment, equipping, furnishing, maintenance and repair of any project
or projects and the duties of the Authority with reference thereto;

(d)   The terms and provisions of the bonds;

(e) Any limitations on the purposes to which the proceeds of the
bonds then or thereafter to be issued, or of any loan or grant by the
United States may be applied;

(f)  The rate of tolls, rentals, and other charges for the use of
the projects or the facilities of the Authority or for the services
rendered by the Authority, including limitations upon the power of
the Authority to modify any leases or other agreements pursuant
to which any tolls, rentals, or other charges are payable;

(g)  The setting aside of reserves or sinking funds and the regu-
lation and disposition thereof;

(h) The limitations on the issuance of additional bonds;

(i) The terms and provisions of any deed of trust or indenture
securing the bonds or under which the same may be used; and

(j) Any other or additional agreements with holders of the bonds.

 

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Session Laws, 1957
Volume 640, Page 654   View pdf image (33K)
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