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Ch. 5 2006 LAWS OF MARYLAND
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(B) THE ISSUANCE OF A RATE STABILIZATION BOND UNDER THIS PART IS NOT
DIRECTLY, INDIRECTLY, OR CONTINGENTLY A MORAL OR OTHER OBLIGATION OF THE
STATE OR ANY OTHER GOVERNMENTAL UNIT TO LEVY OR PLEDGE ANY TAX OR TO
MAKE AN APPROPRIATION TO PAY THE RATE STABILIZATION BOND.
(C) EACH RATE STABILIZATION BOND ISSUED UNDER THIS PART SHALL
STATE ON ITS FACE THAT:
(1) THE STATE AND ANY GOVERNMENTAL UNIT ARE NOT OBLIGED TO
PAY THE PRINCIPAL OF OR INTEREST ON THE BOND; AND
(2) NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF
THE STATE OR ANY OTHER GOVERNMENTAL UNIT IS PLEDGED TO THE PAYMENT OF
THE PRINCIPAL OF OR INTEREST ON A RATE STABILIZATION BOND.
(D) (1) THE STATE PLEDGES, FOR THE BENEFIT AND PROTECTION OF
FINANCING PARTIES AND THE ELECTRIC COMPANY, THAT IT WILL NOT TAKE OR
ALLOW ANY ACTION THAT WOULD IMPAIR THE VALUE OF RATE STABILIZATION
PROPERTY, OR, EXCEPT AS ALLOWED IN ACCORDANCE WITH §§ 7-531, 7-533, AND 7-534
OF THIS SUBTITLE, REDUCE, ALTER, OR IMPAIR THE QUALIFIED RATE
STABILIZATION CHARGES TO BE IMPOSED, COLLECTED, AND REMITTED TO
FINANCING PARTIES, UNTIL THE PRINCIPAL, INTEREST, AND PREMIUM, AND ANY
OTHER CHARGES INCURRED AND CONTRACTS TO BE PERFORMED IN CONNECTION
WITH THE RELATED RATE STABILIZATION BONDS HAVE BEEN PAID AND PERFORMED
IN FULL.
(2) ANY PARTY ISSUING RATE STABILIZATION BONDS IS AUTHORIZED TO
INCLUDE THIS PLEDGE IN ANY DOCUMENTATION RELATING TO THOSE BONDS.
7-536.
A QUALIFIED RATE ORDER UNDER THIS PART THAT AUTHORIZES THE
ISSUANCE OF RATE STABILIZATION BONDS MAY:
(1) STATE THE RIGHTS AND REMEDIES OF BONDHOLDERS AND ANY
ASSIGNEE; AND
(2) CONTAIN PROVISIONS TO PROTECT AND ENFORCE THE RIGHTS AND
REMEDIES OF BONDHOLDERS AND ANY ASSIGNEE.
7-537.
(A) THE RIGHTS AND INTERESTS OF AN ELECTRIC COMPANY OR SUCCESSOR
UNDER A QUALIFIED RATE ORDER, INCLUDING THE RIGHT TO IMPOSE, COLLECT,
AND RECEIVE QUALIFIED RATE STABILIZATION CHARGES AUTHORIZED IN THE
ORDER:
(1) BECOME RATE STABILIZATION PROPERTY WHEN THEY ARE FIRST
TRANSFERRED TO AN ASSIGNEE OR ARE PLEDGED IN CONNECTION WITH THE
ISSUANCE OF RATE STABILIZATION BONDS; BUT
(2) ARE ONLY CONTRACT RIGHTS BEFORE THAT FIRST TRANSFER OR
PLEDGE.
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