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Ch. 63
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2006 LAWS OF MARYLAND
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12-404. OBLIGATIONS OF AUTHORITY TO POLITICAL SUBDIVISION.
(A) FINANCIAL REPORT.
AT LEAST ANNUALLY, AN AUTHORITY SHALL FILE WITH THE CUSTODIAN OF
RECORDS A FINANCIAL REPORT OF ITS ACTIVITIES FOR THE PRECEDING YEAR AND
RECOMMEND ANY FURTHER ACTION BY THE POLITICAL SUBDIVISION THAT IT
CONSIDERS NECESSARY OR USEFUL TO CARRY OUT THE PURPOSE OF THIS DIVISION
II.
(B) OPERATING BUDGET.
THE POLITICAL SUBDIVISION MAY REQUIRE AN AUTHORITY TO PROVIDE IT
WITH AN ANNUAL OPERATING BUDGET AND PROGRAM REPORTS THAT THE
POLITICAL SUBDIVISION DESIGNATES.
(C) EXAMINATION OF BOOKS AND RECORDS; AUDIT.
THE POLITICAL SUBDIVISION OR ITS DESIGNEE MAY AT ANY TIME:
(1) EXAMINE THE BOOKS AND RECORDS OF THE AUTHORITY; OR
(2) CONDUCT AN AUDIT OF THE AUTHORITY.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 44A, § 1-405.
In this section, the defined term "political subdivision" is substituted for
the former reference to "local government" to conform to the terminology
used throughout this article.
In subsection (a) of this section, the former reference to "an annual"
financial report is deleted as implicit in the requirement that an authority
file a financial report "of its activities for the preceding year".
Defined terms: "Authority" § 12-101
"Custodian of records" § 12-101
"Political subdivision" § 12-101
12-405. POWER OF AUTHORITY TO VEST RIGHTS IN OBLIGEE.
THIS SUBTITLE DOES NOT LIMIT THE POWER OF AN AUTHORITY TO VEST IN AN
OBLIGEE THE RIGHT, IF THE AUTHORITY DEFAULTS, TO:
(1) TAKE POSSESSION OF A HOUSING PROJECT;
(2) HAVE A RECEIVER OF A HOUSING PROJECT APPOINTED; OR
(3) ACQUIRE TITLE TO A HOUSING PROJECT, THROUGH FORECLOSURE
OR OTHERWISE, FREE FROM ALL RESTRICTIONS OF THIS SUBTITLE.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 44A, § 1-403.
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452
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