HARRY HUGHES, Governor                              2411

EACH AUTHORITY MAY PROVIDE BY RESOLUTION FOR THE
ISSUANCE OF A SINGLE ISSUE OF REVENUE BONDS OF THE AUTHORITY
FOR THE COMBINED PURPOSES OF:

(1) PAYING THE COST OF ANY PROJECT, OR THE
IMPROVEMENT, EXTENSION, ADDITION, OR RECONSTRUCTION OF ANY
PROJECT; AND

(2) REFUNDING REVENUE BONDS OF THE AUTHORITY
PREVIOUSLY ISSUED UNDER THIS SUBTITLE THAT ARE OUTSTANDING
AND THAT HAVE MATURED OR ARE SUBJECT TO REDEMPTION OR CAN BE
ACQUIRED FOR RETIREMENT.

(C) ISSUANCE, TERMS, AND RIGHTS.

THE ISSUANCE OF THESE BONDS, THE MATURITIES AND OTHER
DETAILS OF THESE BONDS, THE RIGHTS AND REMEDIES OF THE
HOLDERS OF THESE BONDS, AND THE RIGHTS, POWERS, PRIVILEGES,
DUTIES, AND OBLIGATIONS OF THE AUTHORITY WITH RESPECT TO
THESE BONDS SHALL BE GOVERNED BY THE PROVISIONS OF THIS
SUBTITLE INSOFAR AS THOSE PROVISIONS ARE APPLICABLE.

REVISOR'S NOTE: This section formerly appeared as
Article 43, § 461.

The only changes are in style.

9-918. BONDS CONSTITUTE LEGAL INVESTMENT BONDS.

BONDS ISSUED UNDER THIS SUBTITLE ARE SECURITIES IN
WHICH ALL PUBLIC OFFICERS AND PUBLIC AGENCIES OF THIS STATE
AND ITS POLITICAL SUBDIVISIONS, ALL BANKS, TRUST COMPANIES,
SAVINGS AND LOAN ASSOCIATIONS, INVESTMENT COMPANIES, AND
OTHERS CARRYING ON A BANKING BUSINESS, ALL INSURANCE
COMPANIES, INSURANCE ASSOCIATIONS, AND OTHERS CARRYING ON AN
INSURANCE BUSINESS, ALL ADMINISTRATORS, EXECUTORS,
GUARDIANS, TRUSTEES, AND OTHER FIDUCIARIES, AND ALL OTHER
PERSONS MAY LEGALLY AND PROPERLY INVEST FUNDS, INCLUDING
CAPITAL IN THEIR CONTROL OR BELONGING TO THEM. BONDS ISSUED
UNDER THIS SUBTITLE ARE SECURITIES THAT MAY PROPERLY AND
LEGALLY BE DEPOSITED WITH AND RECEIVED BY ANY STATE OR
MUNICIPAL OFFICER OR ANY AGENCY OR POLITICAL SUBDIVISION OF
THIS STATE FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR
OTHER OBLIGATIONS OF THIS STATE IS AUTHORIZED BY LAW.

REVISOR'S NOTE: This section formerly appeared as
Article 43, § 462.

The only changes are in style.

9-919. TRANSFER BY MUNICIPALITY OF RIGHTS OR INTEREST IN
PROPERTY; STATE LAND BELOW HIGH WATERMARK AND BETWEEN
RIGHT-OF-WAY LIMITS OF HIGHWAY; POWERS OF MUNICIPALITY.