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575
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HARRY HUGHES, Governor
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266F.
(d) 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 [legislative body of the county or municipality
or the board of directors of an authority] PUBLIC BODY ACTING IN
ACCORDANCE WITH § 266D(E) OF THIS SUBTITLE deems best. Any
contract for the acquisition of any facility may provide that
payment shall be made in bonds. Bonds are not subject to the
limitations of §§ 9, 10, or 11 of Article 31 of the Code.
(e) Bonds and the interest on them are limited obligations
of the public body 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 [and] OR from any other moneys made
available to the public body for such purpose. Neither the bonds
nor the interest thereon shall ever constitute an indebtedness or
a charge against the general credit or taxing powers of any
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 any issuing
public body. Each bond, on its face, may plainly state that it
has been issued under the provisions of this subtitle and that it
does not constitute an indebtedness to which the faith and credit
of any public body is pledged.
SECTION 3. AND BE IT FURTHER ENACTED, That Section(s)
266A-1 through 266A-3, inclusive, of Article 41 - Governor
Executive and Administrative Departments of the Annotated Code of
Maryland be repealed.
SECTION 4. AND BE IT FURTHER ENACTED, That the validity of
all loans made and bonds heretofore issued under the Maryland
Industrial Development Financing Authority Act and outstanding on
the effective date of this Act and the validity and
enforceability of any agreement, including, by way of example,
any insurance agreement, heretofore entered into under that Act
and outstanding on the effective date of this Act be and they are
hereby validated, ratified, and confirmed, and any transaction
affected by or flowing from the provisions of law hereby
repealed, and entered into or officially acted on by the
Authority or any public body before the effective date of this
Act, and every right, duty, or interest flowing from the
transaction remains valid after the effective date of this Act
and may be completed, consummated, enforced, or terminated as
permitted or required by any provision of law hereby repealed as
though the repeal had not occurred.
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SECTION 5. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1983.
Approved May 10, 1983.
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