Ch. 632

LAWS OF MARYLAND

of the Administration, or to provide any other guarantee, credit
enhancement, or additional security for any such obligations.

(iii) Notwithstanding any other provision of
public general or public local law, charter, or ordinance, in
order to enhance the security or the marketability of the bonds,
notes, or obligations of the Administration sold to finance an
infrastructure project, a county or municipality may agree with
the Administration to pledge any moneys that the county or
municipality is entitled to receive from the State, including
without limitations the county or municipality share of income
tax. In the event of such pledge, the State Comptroller and the
State Treasurer shall cause in accordance with the terms of such
agreement such moneys to be paid to the Administration or any
trustee designated by the Administration.

11-306.

(a) The Administration shall have the power and authority
to PROVIDE FINANCIAL ASSISTANCE, meet any development cost or
[to] carry out any other of its purposes through the expenditure
of funds appropriated by the legislature; through the expenditure
of the proceeds of any State loan to the extent provided; by the
legislature or any agency or authority authorized to issue bonds
therefor; through the [issuance] EXPENDITURE OF THE PROCEEDS OF
THE [of] bonds, notes, or other evidences of indebtedness ISSUED
BY THE ADMINISTRATION [for that purpose], payable solely from
revenues of the Administration as provided in this section; and
from any other funds which may be made available to the
Administration for the purposes of community development under
this subheading from its own operations, FROM THE INVESTMENT OF
THE PROCEEDS OF ITS BONDS, NOTES OR OTHER INDEBTEDNESS or from
any other source or sources, public or private.

(c) The Administration may borrow money and issue bonds or
notes AND MAY USE THE PROCEEDS OR THE EARNINGS FROM THE
INVESTMENT THEREOF to provide funds for making, purchasing, or
participating in making mortgage or other loans; purchasing
securities backed by a mortgage or other loan or loans;
purchasing local obligations; meeting any development cost; or
achieving any other of its purposes. Every issuance of bonds or
notes shall be pursuant to a determination that the issuance is
necessary to achieve one or more purposes of the Administration.
The determination shall be made by the Director of the
Administration or by any person designated by the Secretary of
Economic and Community Development, and approved by the Secretary
of Economic and Community Development. The determination is
effective upon that approval, without any other proceeding,
action, or approval, and is conclusive of the matters determined
therein.

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