1546                                     LAWS OF MARYLAND                                 Ch. 738

Approved May 24, 1973.

CHAPTER 738
(Senate Bill 1073)

AN ACT to add new sub-paragraph (i) to Paragraph (15) of Article II of the
Charter of Baltimore City (1964 Revision), title "General Powers," subtitle
"(15) Land Development and Redevelopment," to follow immediately after
sub-paragraph (h) of said Paragraph (15), generally authorizing the Mayor and
City Council of Baltimore to borrow money and use the same for the public
purpose of [[making loans to, or otherwise financing, any person, firm,
corporation, association, partnership or other legal entity for or in connection
with the]] assisting the financing of development or redevelopment, including
but not limited to, new construction or comprehensive renovation or
rehabilitation, of land or property located within the boundary lines of
Baltimore City, to be used for residential housing purposes, including related
commercial and community facilities, which financing may be effected through
loans made directly or indirectly (including the purchase of mortgages, notes, or
other securities) to any public, quasi-public or private corporation, partnership,
association, person or other legal entity, or through subsidizing rent or interest
payments with respect to such development and redevelopment, and in
connection therewith to issue certain bonds, notes or other obligations;
providing that the principal and interest of said obligations shall be payable
solely from certain revenues, shall not constitute an indebtedness within the
meaning of any constitutional, charter or statutory provision or limitation and
shall not constitute general obligations of the Mayor and City Council of
Baltimore; providing procedures for the issuance and sale of said bonds, notes
or other obligations; authorizing the municipality to enter into certain
agreements, subject to certain conditions, and to ordain certain ordinances.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new sub-paragraph (i) be and it is hereby added to Paragraph
(15) of Article II of the Charter of Baltimore City (1964 Revision), title "General
Powers," subtitle "(15) Land Development and Redevelopment," to follow
immediately after sub-paragraph (h) of said Paragraph (15) to read as follows:

15.

(I) (1) TO BORROW MONEY AND USE THE SAME FOR THE PUBLIC
PURPOSE OF [[MAKING LOANS TO, OR OTHERWISE FINANCING,
ANY PRIVATE, PUBLIC OR QUASI-PUBLIC CORPORATION,
PARTNERSHIP, ASSOCIATION, PERSON OR OTHER LEGAL ENTITY
FOR OR IN CONNECTION WITH THE]] ASSISTING THE FINANCING
OF DEVELOPMENT AND REDEVELOPMENT, INCLUDING BUT NOT
LIMITED TO, NEW CONSTRUCTION OR THE COMPREHENSIVE
RENOVATION OR REHABILITATION, OF LAND OR PROPERTY
LOCATED WITHIN THE BOUNDARY LINES OF BALTIMORE CITY, TO
BE USED FOR RESIDENTIAL HOUSING PURPOSES, INCLUDING
RELATED COMMERCIAL AND COMMUNITY FACILITIES, WHICH
FINANCING MAY BE EFFECTED THROUGH LOANS MADE DIRECTLY
OR INDIRECTLY (INCLUDING, IN WHOLE OR IN PART, THE
PURCHASE OF MORTGAGES, NOTES OR OTHER SECURITIES) TO
ANY PUBLIC, QUASI-PUBLIC OR PRIVATE CORPORATION,