3686

LAWS OF MARYLAND

Ch. 787

266DD-4.

The Administration shall have the following functions and
responsibilities:

(18) (A) MAKE, PURCHASE, AND PARTICIPATE IN MAKING LOANS
FOR ANY INFRASTRUCTURE PROJECT OR TO PURCHASE ANY LOCAL
OBLIGATIONS ISSUED TO FINANCE ANY INFRASTRUCTURE PROJECT OR TO
PROVIDE ANY OTHER FORM OF FINANCIAL ASSISTANCE THAT THE
ADMINISTRATION MAY DEEM APPROPRIATE FOR THE FINANCING OF
INFRASTRUCTURE PROJECTS, EXCEPT GRANTS. THE MAKING, PURCHASING,
OR PARTICIPATING IN MAKING LOANS, THE PURCHASE OF ANY LOCAL
OBLIGATIONS, OR THE PROVIDING OF ANY OTHER FINANCIAL ASSISTANCE
SHALL BE EVIDENCED BY AN AGREEMENT OR OTHER INSTRUMENT INDICATING
THE TERMS AND CONDITIONS NECESSARY TO SECURE REPAYMENT TO THE
ADMINISTRATION OF ANY MONEYS PROVIDED BY THE ADMINISTRATION, ANY
INTEREST CHARGED BY THE ADMINISTRATION, AND ANY OTHER CHARGES IN
CONNECTION WITH SUCH FINANCIAL ASSISTANCE. SUBJECT TO THE
PROVISIONS OF ANY CONTRACT WITH HOLDERS OF THE ADMINISTRATION'S
BONDS, NOTES, OR OTHER OBLIGATIONS, THE ADMINISTRATION MAY
CONSENT TO THE MODIFICATION, WITH RESPECT TO RATE OF INTEREST,
TIME OF PAYMENT OF ANY INSTALLMENT OF PRINCIPAL OR INTEREST,
SECURITY, OR ANY OTHER TERM OF ANY LOAN, LOCAL OBLIGATION,
COMMITMENT, CONTRACT, INSTRUMENT, OR AGREEMENT OF ANY KIND TO
WHICH THE ADMINISTRATION IS A PARTY OR WHICH THE ADMINISTRATION
HAS ACQUIRED. IN CONNECTION WITH ANY SECURITY RECEIVED BY OR
OWNED BY THE ADMINISTRATION (INCLUDING ANY LOCAL OBLIGATIONS),
THE ADMINISTRATION MAY COMMENCE ANY ACTION TO PROTECT OR ENFORCE
THE RIGHTS CONFERRED UPON IT BY ANY LAW OR AGREEMENT OR ACQUIRE
OR TAKE POSSESSION OF SUCH SECURITY, AND IN SUCH EVENTS, THE
ADMINISTRATION MAY ADMINISTER, PAY THE PRINCIPAL OF OR INTEREST
ON ANY OBLIGATION INCURRED IN CONNECTION WITH THE SECURITY,
DISPOSE OF AND OTHERWISE DEAL WITH THE SECURITY IN A MANNER THAT
THE ADMINISTRATION CONSIDERS NECESSARY OR DESIRABLE TO PROTECT
ITS INTERESTS. THE ADMINISTRATION MAY SELL ANY LOAN, AGREEMENT,
LOCAL OBLIGATION, OR OTHER OBLIGATION HELD BY IT AT PUBLIC OR
PRIVATE SALE WITH OR WITHOUT PUBLIC BIDDING.

(B) IN THE CASE OF THE PURCHASE OF LOCAL OBLIGATIONS,
THE PROCEDURES AND REQUIREMENTS FOR THE ISSUANCE OR SALE OF SUCH
LOCAL OBLIGATIONS SHALL APPLY, EXCEPT THAT, NOTWITHSTANDING ANY
OTHER PROVISION OF PUBLIC GENERAL OR PUBLIC LOCAL LAW, CHARTER,
OR ORDINANCE, ANY ISSUER OF LOCAL OBLIGATIONS MAY SELL LOCAL
OBLIGATIONS TO FINANCE INFRASTRUCTURE PROJECTS TO THE
ADMINISTRATION:

(I)  AT PRIVATE OR PUBLIC SALE, WITH OR WITHOUT
PUBLIC BIDDING;

(II)  WITHOUT REGARD TO ANY LIMITATIONS ON THE
DENOMINATION OF SUCH OBLIGATIONS; AND

(III)  AT ANY INTEREST RATE OR COST OR AT ANY
PRICE THAT THE ISSUER CONSIDERS NECESSARY OR DESIRABLE. THE