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MARVIN MANDEL, Governor 2955
(a) The Authority is authorized and empowered to
sell serial bonds from time to time and in such amounts
as it may deem necessary upon the full faith and credit
of the assets or the Authority, for the purpose of
funding its capital improvement program. The proceeds
of any such bond issued shall be used by the Authority
for the sole purpose of capital improvements, including
the design, planning and engineering studies for the
purchase of land, capital improvements and erection of
buildings for any facility existing under the Authority,
or any facility to be constructed under the powers and
authority set out in this subtitle. Neither the
commissioners of the Authority nor any person executing
the bonds issued under this section shall be liable
personally on the bonds by reason of the issuance
thereof. The bonds and other obligations of the
Authority (and such bonds and obligations shall so state
en their face) shall not be a debt of Prince George's,
Anne Arundel, Howard or Montgomery counties or the State
of Maryland and only the Authority shall be liable
thereon, nor, shall such bonds or obligations be payable
out of any funds or properties other than those of the
Authority.
(b) Bonds issued under this section shall not
constitute an indebtedness within the meaning of any
constitutional or statutory debt limitation or
restriction, shall not be subject to the provisions of
any other law or charter relating to the authorization,
issuance or sale of bonds, and are hereby specifically
exempted from the restrictions contained in §§ 9, 10, and
11 of Article 31 of the Annotated Code of Maryland (1957
Edition, as amended). The faith in credit in the State
of Maryland shall not be pledged to cover any
indebtedness caused by bonds issued under the provisions
of this subtitle. Bonds issued under the provisions of
this subtitle are declared to be issued for an essential
public and governmental purpose and, together with
interest thereon and income therefrom, shall be exempted
from all taxes.
(c) Bonds issued under this section shall be
authorized by resolution of the board of directors of the
Authority, and may be issued in one or mere series and
shall bear such date or dates, shall mature at such time
or times, bear interest at such rate or rates, be in such
denomination or denominations, be in such form either
with or without coupon or registered, carry such
conversion or registration privileges, have such rank or
priority, be executed in such manner, be payable in such
medium or payment, at such place or places, and be
subject to such terms of redemption (with or without
premium), be secured in such manner, and have such other
characteristics, as may be provided by such resolution or
trust indenture or mortgage issued pursuant thereto.
(d) Such bonds may be sold at not less than par at
public sales held after notice published prior to such
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