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S.B. 323 VETOES
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(f) All revenue bonds issued under the provisions of this section have and are
hereby declared to have, as between successive holders, all the qualities and incidents
of negotiable instruments under the negotiable instruments law section of the
Uniform Commercial Code of this State.
(g) (F) The revenue bonds shall be sold by the Authority, at public or private
EITHER BY COMPETITIVE OR NEGOTIATED sale, in such manner and for such price as
it may determine to be for its best interests. None of the provisions of §§ 8-206 and
8-208 of the State Finance and Procurement Article have any application to the bonds
hereby authorized and such bonds are explicitly exempted therefrom.
(h) (G) If the proceeds of the revenue bonds, by error of calculation or
otherwise, are less than the amount required for the purpose for which bonds are
authorized, additional bonds may be issued to provide the amount of the deficit, and
unless otherwise provided by the authorizing resolution or in the trust indenture
hereinafter mentioned, the additional bonds shall be deemed to be of the same issue
and may be entitled to payment from the same funds without preference or priority of
the bonds first issued for such purposes.
(i) (H) Prior to the preparation of definitive revenue bonds, the Authority,
under the restrictions, may issue temporary revenue bonds, exchangeable for
definitive bonds upon the issuance of the latter. The Authority also may provide for
the replacement of any bonds which become mutilated or are destroyed or lost. The
bonds may be issued without an election or any other proceedings or the happening of
any conditions or things other than those proceedings, conditions, and things
specified and required by this subtitle.
(j) (I) A resolution providing for the issuance of revenue bonds also may
provide for the issuance of additional bonds and may limit the amount by the
resolution or trust indenture, for the purpose of paying the cost of any extensions,
additions, and improvements which thereafter become necessary; the additional
bonds may be sold from time to time in the manner hereinabove provided and shall be
deemed a part of the original issue authorized by the resolution, and shall be issued
under such restrictions and limitations as prescribed by the resolution or trust
indenture.
(k) (J) The Authority may provide by resolution for the issuance of its
revenue refunding bonds for the purpose of refunding any bonds then outstanding
and issued under the provisions of this section. The issuance of such refunding bonds,
the details thereof, the rights of the holders thereof, and the duties of the Authority in
respect to them shall be governed by the provisions of this section insofar as
applicable. The refunding bonds shall mature at such time or times not exceeding 40
years from the date or dates of their respective issues as determined by the Authority.
(l) (K) The Authority may provide by resolution for the issuance of a single
issue of its revenue bonds for the combined purposes of (1) paying the cost of any
improvement, extension, enlargement, or reconstruction of a development or project
and (2) refunding its bonds theretofore issued for such development or project and
then outstanding and which shall then have matured or be subject to redemption or
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