WILLIAM DONALD SCHAEFER, Governor                     Ch. 11

14-203.

In addition to whatever other powers it may have and
notwithstanding any limitation of law, any municipality or county
may borrow money by issuing and selling bonds, at any time and
from time to time, for the purpose of financing the development
of an industrial, commercial, or residential area. This
[subheading] SUBTITLE is self-executing and it shall not be
necessary for any such municipality or county to effect any
amendment of its charter in order to exercise the powers granted
hereunder. This [subheading] SUBTITLE does not apply in
Baltimore City.

14-204.

Bonds shall be payable from the special fund described in §
14-206(3)(ii) of this [subheading] SUBTITLE and the governing
body of the issuer may also pledge its full faith and credit or
establish sinking funds, establish debt service reserve funds, or
pledge other assets and revenues towards the payments of the
principal and interest.

14-205.

All proceeds received from any bonds issued and sold
pursuant to this [subheading] SUBTITLE shall be applied solely
for:

(1)  The cost of purchasing, leasing, condemning, or
otherwise acquiring land or other property, or an interest in
them, in the designated development district area or as necessary
for a right-of-way or other easement to or from the development
district area;

(2)  Site removal;

(3)  Surveys and studies;

(4)  Relocation of businesses or residents;

(5)  Installation of utilities, construction   of parks
and playgrounds, and other necessary improvements     including
streets and roads to, from, or within the development   district,
parking, lighting, and other facilities;

(6)  Construction or rehabilitation of buildings
provided that such buildings are to be devoted to a governmental
use or purpose;

(7)  Reserves or capitalized interest;

(8)  Necessary costs of issuing bonds; and

- 165 -