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2006 LAWS OF MARYLAND
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Ch. 63
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SUBTITLE 7. BONDS.
12-701. POWER TO ISSUE AND SECURE BONDS.
(A) ISSUING BONDS.
AN AUTHORITY MAY:
(1) ISSUE BONDS FOR ANY OF ITS CORPORATE PURPOSES;
(2) ISSUE REFUNDING BONDS TO PAY OR RETIRE ITS BONDS; AND
(3) ISSUE ANY KINDS OF BONDS, INCLUDING BONDS ON WHICH THE
PRINCIPAL AND INTEREST ARE PAYABLE:
(I) ONLY FROM THE INCOME AND REVENUES OF THE HOUSING
PROJECT FINANCED WITH THE PROCEEDS OF THE BONDS OR WITH THESE
PROCEEDS AND A GRANT FROM THE STATE OR FEDERAL GOVERNMENT IN AID OF
THE HOUSING PROJECT;
(II) ONLY FROM THE INCOME AND REVENUES OF DESIGNATED
HOUSING PROJECTS WHETHER OR NOT THEY WERE FINANCED WHOLLY OR PARTLY
WITH THE PROCEEDS OF THE BONDS; OR
(III) FROM ITS REVENUES GENERALLY.
(B) SECURING BONDS.
TO SECURE ANY OF ITS BONDS, AN AUTHORITY MAY PLEDGE ANY REVENUE OR
MORTGAGE A HOUSING PROJECT OR OTHER PROPERTY OF THE AUTHORITY.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 44A, § 1-501(a).
In subsection (a)(1) of this section, the former phrase "from time to time in
its discretion" is deleted as surplusage.
In subsection (b) of this section, the former reference to "projects" is deleted
as included in the reference to "property".
Defined terms: "Authority" § 12-101
"Bond" § 12-101
"Housing project" § 12-101
12-702. NATURE OF BONDS.
(A) PUBLIC PURPOSE.
BONDS OF AN AUTHORITY ARE ISSUED FOR AN ESSENTIAL PUBLIC AND
GOVERNMENTAL PURPOSE.
(B) LIABILITY.
(1) NEITHER A COMMISSIONER OF AN AUTHORITY NOR A PERSON WHO
EXECUTES THE BOND FOR AN AUTHORITY IS PERSONALLY LIABLE ON THE BONDS.
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- 468 -
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