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3296
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Ch. 840
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LANS OF MARYLAND
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Montgomery County — Housing Authorities
MC 160-77
FOR the purpose of enabling Montgomery County to provide
by local law a procedure to guarantee the principal
and interest on bonds issued by the Housing
Opportunities Commission, and determine the terms
and conditions of such bonds, expenditures of funds,
income and revenues.
BY repealing and reenacting, with amendments,
Article 44A - Housing Authorities
Section 15
Annotated Code of Maryland
(1971 Replacement Volume and 1976 Supplement)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 15 of Article 44A - Housing
Authorities, of the Annotated Code of Maryland (1971
Replacement Volume and 1976 Supplement) be and it is
hereby repealed and reenacted, with amendments, to read
as follows:
Article 44A - Housing Authorities
15.
(A) An authority shall have power to issue bonds
from time to time in its discretion, for any of its
corporate purposes. An authority shall also have power
to issue refunding bonds for the purpose of paying or
retiring bonds previously issued by it. An authority
may issue such types of bonds as it may determine,
including bonds on which the principal and interest are
payable: (a) Exclusively from the income and revenues of
the housing project financed with the proceeds of such
bonds, or with such proceeds together with a grant from
the federal government in aid of such project; (b)
exclusively from the income and revenues of certain
designated housing projects whether or not they were
financed in whole or in part with the proceeds of such
bonds; or (c) from its revenues generally. Any of such
bonds may be additionally secured by pledge of any
revenues or a mortgage of any housing project, projects
or other property of the authority.
(B) Neither the commissioners of an authority nor
any person executing the bonds shall be liable personally
on the bonds by reason of the issuance thereof. The
bonds and other obligations of an authority (and such
bonds and obligations shall so state on their face) shall
not be a debt of the city, the State or any political
subdivision thereof and neither the city nor the State or
any political subdivision thereof shall be liable
thereon, nor in any event shall such bonds or obligations
be payable out of any funds or properties other than
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