1904

LAWS OF MARYLAND

Ch. 460

Article 44A - Housing Authorities

17.

(A) In connection with the issuance of bonds or the
incurring of obligations under leases and in order to secure
the payment of- such bonds or obligations, an authority, in
addition to its other powers, shall have power:

[(a)] (1) To pledge all or any part of its gross or
net rents, fees or revenues to which its right then exists
or may thereafter come into existence.

[(b)] (2) To mortgage all or any part of its real or
personal property, then owned or thereafter acquired.

[(c)] (3) To covenant against pledging all or any part
of its rents, fees and revenues, or against mortgaging all
or any part of its real or personal property, to which its
right or title then exists or may thereafter come into
existence or against permitting or suffering any lien on
such revenues or property; to covenant with respect to
limitations on its right to sell, lease or otherwise dispose
of any housing project or any part thereof; and to covenant
as to what other, or additional debts or obligations may be
incurred by it.

[(d)] (4) To covenant as to the bonds to be issued and
as to the issuance of such bonds in escrow or otherwise, and
as to the use and disposition of the proceeds thereof; to
provide for the replacement of lost, destroyed or mutilated
bonds; to covenant against extending the time for the
payment of its bonds or interest thereon; and to redeem the
bonds, and to covenant for their redemption and to provide
the terms and conditions thereof.

[(e)] (5) To covenant (subject to the limitations
contained in this article) as to the rents and fees to be
charged in the operation of a housing project or projects,
the amount to be raised each year or other period of time by
rents, fees and other revenues, and as to the use and
disposition to be made thereof; to create or to authorize
the creation of special funds for moneys held for
construction or operating costs, debt service reserves, or
other purposes, and to covenant as to the use and
disposition of the moneys held in such funds.

[(f)] (6) To prescribe the procedure, if any, by which
the terms of any contracts with bondholders may be amended
or abrogated, the amount of bonds the holders of which must
consent thereto and the manner in which such consent may be
given.

[(g)] (7) To covenant as to the use of any or all of
its real or personal property, the replacement thereof, the
insurance to be carried thereon and the use and disposition
of insurance moneys.