HARRY HUGHES, Governor

1857

(I)  FOR THE COLLECTION, TREATMENT, OR DISPOSAL
OF SEWAGE; AND

(II)  WITH RESPECT TO ANY MATTER OR THING
CONCERNING WHICH THE AUTHORITY MAY CONTRACT WITH THE POLITICAL
SUBDIVISION UNDER THIS SUBTITLE; AND

(2) LEND MONEY TO AN AUTHORITY TO PAY THE

ORGANIZATION AND PRELIMINARY EXPENSES OF THE AUTHORITY, ON

CONDITION THAT THE LOAN IS REPAID OUT OF THE PROCEEDS OF THE 1ST
BOND ISSUE OF THE AUTHORITY.

REVISOR'S NOTE: This section is new language derived
without substantive change from former HE §
9-919(b)(l), (3), and (4).

As to item (2) of this section, the former reference
to lending money to a "newly created" authority is
deleted, for clarity and since the reference is
ambiguous as to how soon after the authority is
created that these loans can occur.

9-957. AUTHORITY AND BONDS EXEMPT FROM TAX.

(A)  NO TAX ON PROJECTS.

AN AUTHORITY IS NOT REQUIRED TO PAY ANY TAX OR ASSESSMENT
ON:

(1)  ANY PROJECT; OR

(2)  THE INCOME FROM ANY PROJECT.

(B)  NO TAX ON BONDS.

THIS STATE, ANY POLITICAL SUBDIVISION, AND ANY OTHER PUBLIC
AGENCY IN THIS STATE MAY NOT TAX:

(1)  ANY BOND THAT IS ISSUED UNDER THIS SUBTITLE;

(2)  THE TRANSFER OF THE BOND; OR

(3)  ANY INCOME FROM THE BOND, INCLUDING ANY PROFIT ON
THE SALE OF THE BOND.

REVISOR'S NOTE: This section is new language derived
without substantive change from former HE § 9-910.

9-958. MONEY RECEIVED HELD IN TRUST.

(A) IN GENERAL.

ANY MONEY THAT AN AUTHORITY RECEIVES UNDER THIS SUBTITLE AS
PROCEEDS FROM THE SALE OF BONDS OR AS REVENUES IS A TRUST FUND