4330

LAWS OF MARYLAND

Ch. 791

LAW, ANY PUBLIC BODY MAY ISSUE AND SELL ITS BONDS, AS ITS
LIMITED OBLIGATIONS AND NOT UPON ITS FAITH AND CREDIT OR
PLEDGE OF ITS TAXING POWER, AT ANY TIME AND FROM TIME TO
TIME, FOR THE PURPOSES OF FINANCING OR REFINANCING ANY COSTS
OF THE ACQUISITION OF 1 OR MORE FACILITIES FOR 1 OR MORE
FACILITY USERS OR OF REFUNDING OUTSTANDING BONDS, INCLUDING
THE NECESSARY EXPENSES OF PREPARING, PRINTING, SELLING, AND
ISSUING THOSE BONDS, THE FUNDING OF RESERVES, AND THE
PAYMENT OF INTEREST WITH RESPECT TO FINANCING SUCH
ACQUISITION IN SUCH AMOUNTS, OR FOR SUCH PERIOD, AS THE
PUBLIC BODY DEEMS REASONABLE. BONDS ISSUED BY AN AUTHORITY
SHALL BE DEEMED TO BE ISSUED ON BEHALF OF THE PUBLIC BODY
THAT CREATED THE AUTHORITY.

(B)  A PUBLIC BODY MAY ACCOMPLISH THE ACQUISITION OF 1
OR MORE FACILITIES FROM THE PROCEEDS OF THE SALE OF ITS
BONDS BY 1 OR MORE OF THE FOLLOWING METHODS:

(1)  BY LEASING THEM TO 1 OR MORE FACILITY USERS
UNDER A LEASE;

(2)  BY SELLING THEM TO 1 OR MORE FACILITY USERS
UNDER A SALE AGREEMENT;

(3)  BY LENDING PROCEEDS OF THE SALE OF BONDS TO
1 OR MORE FACILITY USERS UNDER A LOAN AGREEMENT TO BE USED
TO FINANCE OR REFINANCE 1 OR MORE FACILITIES; OR

(4)  IN SUCH OTHER MANNER AS THE PUBLIC BODY
DEEMS APPROPRIATE TO ACCOMPLISH THE PURPOSES OF THIS
SUBTITLE.

(C)  IN THE EVENT 1 OR MORE FACILITIES ARE TO BE LEASED
TO 1 OR MORE FACILITY USERS, THE LEASE MAY PROVIDE THAT AT
THE TIME THE PRINCIPAL OF AND INTEREST ON THE BONDS (OR SO
MUCH THEREOF AS MAY BE APPLICABLE TO THE PARTICULAR FACILITY
USER) ARE PAID IN FULL, THE FACILITY USER MAY OR SHALL
PURCHASE OR OTHERWISE ACQUIRE WHATEVER FACILITIES WERE
ACQUIRED WITH THE PROCEEDS OF THE BONDS. IN SUCH EVENT, THE
CONSIDERATION FOR THE CONVEYANCE OR ACQUISITION MAY BE SET
AT A NOMINAL FIGURE.

(D)  TO IMPLEMENT THE AUTHORITY CONFERRED UPON IT BY
THIS SUBTITLE TO ISSUE BONDS, THE LEGISLATIVE BODY OF ANY
COUNTY OR MUNICIPALITY, OR THE BOARD OF DIRECTORS OF ANY
AUTHORITY, MAY ADOPT A RESOLUTION PURSUANT TO WHICH IT
SHALL:

(1)  SPECIFY AND DESCRIBE THE FACILITY OR
FACILITIES;

(2)  GENERALLY DESCRIBE THE PUBLIC PURPOSE TO BE
SERVED AND THE FINANCING OR REFINANCING TRANSACTION TO BE
ACCOMPLISHED UNDER THIS SUBTITLE;