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571
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HARRY HUGHES, Governor
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(E) RESOLUTION OF COUNTY OR MUNICIPALITY. - PRIOR TO THE
ISSUANCE AND SALE OF BONDS BY THE AUTHORITY, THE LEGISLATIVE BODY
OF THE COUNTY OR MUNICIPALITY IN WHICH THE FACILITY TO BE
FINANCED WITH THE PROCEEDS OF THE BONDS IS TO BE LOCATED, SHALL
ADOPT A RESOLUTION WHICH SHALL:
(1) BE ADMINISTRATIVE IN NATURE, NOT SUBJECT TO THE
PROCEDURES REQUIRED FOR LEGISLATIVE ACTS AND NOT SUBJECT TO
REFERENDUM;
(2) SPECIFY AND DESCRIBE THE FACILITY; AND
(3) GENERALLY DESCRIBE THE PUBLIC PURPOSE TO BE
SERVED BY THE FACILITY.
(F) BONDS LIMITED OBLIGATIONS OF THE AUTHORITY. - EXCEPT
FOR THE AUTHORITY'S INSURANCE (IF ANY), BONDS ISSUED BY THE
AUTHORITY AND THE INTEREST ON THEM ARE LIMITED OBLIGATIONS OF THE
AUTHORITY, THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON
WHICH ARE PAYABLE SOLELY (EXCEPT FOR BOND ANTICIPATION NOTES AND
NOTES IN THE NATURE OF COMMERCIAL PAPER) FROM REVENUES OR MONEYS
TO BE RECEIVED IN CONNECTION WITH THE FINANCING OR REFINANCING OF
A FACILITY OR FROM ANY OTHER MONEYS MADE AVAILABLE TO THE
AUTHORITY FOR SUCH PURPOSE. NEITHER THE BONDS ISSUED BY THE
AUTHORITY NOR THE INTEREST THEREON SHALL EVER CONSTITUTE AN
INDEBTEDNESS OR A CHARGE AGAINST THE GENERAL CREDIT OR TAXING
POWERS OF THE STATE, THE DEPARTMENT, THE AUTHORITY OR ANY OTHER
PUBLIC BODY WITHIN THE MEANING OF ANY CONSTITUTIONAL OR CHARTER
PROVISION OR STATUTORY LIMITATION AND NEITHER SHALL EVER
CONSTITUTE OR GIVE RISE TO ANY PECUNIARY LIABILITY OF THE STATE,
THE DEPARTMENT, THE AUTHORITY OR ANY OTHER PUBLIC BODY. EACH
BOND ISSUED BY THE AUTHORITY, ON ITS FACE, MAY PLAINLY STATE THAT
IT HAS BEEN ISSUED UNDER THE PROVISIONS OF THE MARYLAND ECONOMIC
DEVELOPMENT REVENUE BOND ACT AND THAT IT DOES NOT CONSTITUTE AN
INDEBTEDNESS TO WHICH THE FAITH AND CREDIT OF THE STATE, THE
DEPARTMENT, THE AUTHORITY OR ANY OTHER PUBLIC BODY IS PLEDGED.
(G) EXEMPTION FROM TAXATION. - BONDS ISSUED BY THE
AUTHORITY SHALL BE EXEMPT FROM TAXATION BY THE STATE AND BY ITS
SEVERAL COUNTIES AND MUNICIPALITIES AS PROVIDED IN THE MARYLAND
ECONOMIC DEVELOPMENT REVENUE BOND ACT.
(H) COMPETITIVE BIDDING. - FACILITIES FINANCED WITH THE
PROCEEDS OF BONDS ISSUED BY THE AUTHORITY ARE NOT SUBJECT TO THE
REQUIREMENTS OF ANY LAW REGARDING COMPETITIVE BIDDING.
PART VII. MISCELLANEOUS PROVISIONS.
13-139.
UPON DISSOLUTION OF THE AUTHORITY, TITLE TO ALL PROPERTY
OWNED BY THE AUTHORITY SHALL VEST IN THE STATE.
13-140.
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