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1464 LAWS OF MARYLAND Ch. 475
THEIR RESPECTIVE DATES, BEAR INTEREST AT SUCH RATE OR RATES, BE
PAYABLE AT SUCH TIME OR TIMES, BE IN SUCH DENOMINATIONS, BE IN
SUCH FORM, EITHER COUPON OR REGISTERED, CARRY SUCH REGISTRATION
PRIVILEGES, BE EXECUTED IN SUCH MANNER, BE PAYABLE IN LAWFUL
MONEY OF THE UNITED STATES OF AMERICA AT SUCH PLACE OR PLACES,
AND MAY BE SUBJECT TO SUCH TERMS OF REDEMPTION AS THE COMMISSION
SHALL DETERMINE. THE BONDS SHALL BE SOLD IN SUCH MANNER, EITHER
AT PUBLIC OR PRIVATE (NEGOTIATED) SALE, AND UPON SUCH TERMS, AT,
ABOVE, OR BELOW PAR, AS THE COMMISSION DEEMS BEST. THE BONDS ARE
NOT SUBJECT TO THE LIMITATIONS OF SECTIONS 9, 10, OR 11 OF
ARTICLE 31 OF THE ANNOTATED CODE OF MARYLAND.
(K) BONDS ISSUED BY THE COMMISSION AND THE INTEREST ON THEM
ARE LIMITED OBLIGATIONS OF THE COMMISSION, THE PRINCIPAL OF,
PREMIUM (IF ANY) AND INTEREST ON WHICH ARE PAYABLE SOLELY FROM
RENTS OR OTHER REVENUES DERIVED FROM THE REAL PROPERTY ACQUIRED,
RENOVATED AND LEASED BY THE COMMISSION PURSUANT TO THIS SECTION
AND FROM ANY OTHER FUNDS MADE AVAILABLE TO THE COMMISSION FOR
SUCH PURPOSE. NEITHER THE BONDS ISSUED BY THE COMMISSION NOR THE
INTEREST ON THEM SHALL EVER CONSTITUTE AN INDEBTEDNESS OR A
CHARGE AGAINST THE GENERAL CREDIT OF THE COMMISSION OR THE
GENERAL CREDIT OR TAXING POWER OF THE COUNTY COMMISSIONERS OF ST.
MARY'S COUNTY WITHIN THE MEANING OF ANY CONSTITUTIONAL OR
STATUTORY LIMITATION AND NEITHER SHALL EVER CONSTITUTE OR GIVE
RISE TO ANY PECUNIARY LIABILITY OF THE COMMISSION OR THE COUNTY
COMMISSIONERS OF ST. MARY'S COUNTY, EXCEPT TO THE EXTENT THAT THE
COUNTY MAY BE THE LESSEE OF THE REAL PROPERTY WITH RESPECT TO
WHICH THE BONDS ARE ISSUED.
(L) THE COMMISSION SHALL BE EXEMPT FROM ANY PAYMENT OF OR
LIABILITY FOR ANY AND ALL ORDINARY TAXES, WHETHER FEDERAL, STATE,
OR LOCAL, NOW OR HEREAFTER LEVIED OR IMPOSED, AND ANY ASSESSMENTS
OR OTHER GOVERNMENTAL CHARGES. THE PRINCIPAL AMOUNT OF BONDS
ISSUED BY THE COMMISSION, THE INTEREST PAYABLE ON THEM, THEIR
TRANSFER, AND ANY INCOME DERIVED FROM THEM, INCLUDING ANY PROFIT
MADE IN THE SALE OR TRANSFER OF THEM, ARE AND SHALL REMAIN EXEMPT
FROM TAXATION OF EVERY KIND AND NATURE WHATSOEVER BY THE STATE OF
MARYLAND OR BY ANY OF ITS POLITICAL SUBDIVISIONS, MUNICIPAL
CORPORATIONS OR PUBLIC AGENCIES OF ANY KIND.
(M) THE NET EARNINGS OF THE COMMISSION, ASIDE FROM THOSE
NECESSARY TO PAY DEBT SERVICE OR TO IMPLEMENT THE PUBLIC PURPOSES
OF THIS SECTION, MAY NOT INURE TO THE BENEFIT OF ANY PERSON OTHER
THAN THE COUNTY COMMISSIONERS OF ST. MARY'S COUNTY.
(N) SUBJECT TO THE PROVISIONS OF THIS SECTION AND TO ANY
LIMITATIONS IMPOSED BY LAW UPON THE IMPAIRMENT OF CONTRACTS, THE
BOARD OF COUNTY COMMISSIONERS MAY AT ANY TIME CHANGE THE
STRUCTURE, ORGANIZATION, PROCEDURES, PROGRAMS, OR ACTIVITIES OF
THE COMMISSION OR TERMINATE THE COMMISSION. UPON TERMINATION OF
THE COMMISSION, TITLE TO ALL ITS PROPERTY SHALL VEST IN, AND ALL
OBLIGATIONS AND ASSETS OF THE COMMISSION SHALL BE TRANSFERRED TO
AND ASSUMED BY, THE COUNTY COMMISSIONERS OF ST. MARY'S COUNTY.
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