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HARRY HUGHES, Governor 2219
indenture, any moneys in the sinking fund in excess of an amount
equal to [one] 1 year's interest on all the revenue bonds then
outstanding may be applied to the purchase or redemption of
revenue bonds. All bonds so purchased or redeemed forthwith
shall be cancelled.
422.
Any holder of bonds issued under the provisions of this
subtitle or of any of the coupons attached thereto, and the
trustee under the trust indenture, if any, except to the extent
the rights herein given are restricted by resolution passed
before the issuance of the bonds or by the trust indenture,
either at law or in equity, by suit, action mandamus, or other
proceedings, may protect and enforce any and all rights under the
laws of Maryland or granted hereunder or under the resolution or
trust indenture, and may enforce and compel performance of all
duties required by this subtitle or by the resolution or trust
indenture to be performed by the Authority, the State, any
political subdivision thereof, or any officer thereof, including
the fixing, charging, and collecting of rates and charges for the
use of the facilities of the market AND THE PARK.
424.
The establishment of the market AND THE PARK under the
provisions of this subtitle is in all respects for the benefit of
the inhabitants of the State of Maryland or its political
subdivisions and is a public purpose, and the State of Maryland
and its political subdivisions and the Authority will be
performing an essential governmental function in the exercise of
the powers conferred by this subtitle, and with the exception of
State and local real estate taxes as required below the Authority
shall not be required to pay any taxes or assessments upon the
market AND THE PARK or any part thereof or upon its activities in
the operation and maintenance of the market AND THE PARK or upon
any revenues therefrom, and the bonds of the Authority issued
under this subtitle, and the interest thereon are forever exempt
from all State, municipal, and local taxation; provided however,
that wherever the Authority sells or leases land or market AND
PARK facilities to any private entity or entities such land or
market AND PARK facilities shall be subject to State and local
property taxes from the time of such sale.
426.
The Authority shall submit annually a written statement,
including a financial statement covering the operation of the
market AND THE PARK to the Governor and, subject to Article 40, §
51 of the Code, to the General Assembly.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
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