Ch. 190                             MARVIN MANDEL, Governor                                  271

CHAPTER 190
(House Bill 1485)

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 I [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, 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 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 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), to read as follows:

(15)

(I)(1) TO BORROW MONEY AND USE IT 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, 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, 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 BONDS, NOTES, OR OTHER
OBLIGATIONS (INCLUDING REFUNDING BONDS, NOTES, OR OTHER
OBLIGATIONS), ALL OF WHICH SHALL BE FULLY NEGOTIABLE,