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2304
LAWS OF MARYLAND
Ch. 667
[275.] 274.
(a) An authority may make rules and regulations for
the operation and use of property and facilities under its
jurisdiction in the manner provided by local law.
(b) Any violation of the rules and regulations adopted
by an authority is a misdemeanor and is punishable by a
fine not to exceed $1,000 or imprisonment for not more than
180 days, or both.
[276.1 275.
(a) An authority may FROM TIME TO TIME issue ITS
revenue bonds [as it deems necessary to accomplish its
purposes.] TO FINANCE THE COST OF ACQUIRING PROPERTY AND OF
ESTABLISHING, CONSTRUCTING, ERECTING, ALTERING, EXPENDING
EXPANDING, AND ENLARGING, IMPROVING, AND EQUIPPING
BUILDINGS, STRUCTURES, AND OTHER FACILITIES FOR THE CARRYING
OUT OF ITS PURPOSES UNDER THIS SUBTITLE. EVERY ISSUE OF
BONDS SHALL BE PURSUANT TO DETERMINATION BY THE AUTHORITY
THAT THE ISSUANCE IS NECESSARY TO ACHIEVE ONE OR MORE OF ITS
PURPOSES, WHICH DETERMINATION SHALL BE INCLUDED IN THE
RESOLUTION OF THE AUTHORITY AUTHORIZING THE ISSUE OF BONDS.
[(b) Any revenue bonds issued under this section
shall:
(1) Be in serial form and payable, as
consecutively numbered, in annual installments, the first of
which shall be payable within 2 years of the date of issue;
(2) Be properly authenticated;
(3) Have attached to them all interest coupons
transferable by delivery, and these coupons shall be
properly authenticated; and
(4) Mature and be payable within the lesser of:
(i) Thirty years after their date of
issue; or
(ii) The probable useful life of the
project for which they are being issued, or, if they are
being issued for more than one project, then within the
average probable useful life of those projects.
(c) In the case of a bond issue under this section for
projects having different probable useful lives, the
authority shall consider the amount of the bonds to be
issued on account of each project when it is determining the
average probable useful life.
(d) The determination of probable useful life by an
authority under this section shall be conclusive.
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