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Session Laws, 1987
Volume 769, Page 3168   View pdf image
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Ch. 683

LAWS OF MARYLAND

(I) "Prince George's County unconditionally

guarantees to the holder of this bond that the covenants and
agreements of the Maryland National Capital Park and Planning
Commission contained or referred to therein will be performed and
fulfilled in accordance with their terms."; OR

(II) "MONTGOMERY COUNTY UNCONDITIONALLY

GUARANTEES TO THE HOLDER OF THIS BOND THAT THE COVENANTS AND
AGREEMENTS OF THE MARYLAND NATIONAL CAPITAL PARK AND PLANNING
COMMISSION CONTAINED OR REFERRED TO THEREIN WILL BE PERFORMED AND
FULFILLED IN ACCORDANCE WITH THEIR TERMS.".

(G) (1) IN ORDER TO CARRY OUT ANY OF ITS PURPOSES SET FORTH
IN SECTION 6-101(A) OF THIS ARTICLE, THE COMMISSION IS HEREBY
AUTHORIZED TO BORROW MONEY TO FINANCE THE COST OF REVENUE
PRODUCING FACILITIES IN MONTGOMERY COUNTY AND TO EVIDENCE SUCH
BORROWING BY ISSUING ITS BONDS (WHICH TERM INCLUDES NOTES OR
OTHER OBLIGATIONS PURSUANT TO SECTION 6-101(A) OF THIS ARTICLE),
PAYABLE AS TO PRINCIPAL AND INTEREST SOLELY FROM REVENUES OF THE
COMMISSION AVAILABLE FOR SUCH PURPOSE FROM FEES, RATES, RENTS, OR
OTHER CHARGES RECEIVED BY THE COMMISSION FOR THE USE OF ANY SUCH
FACILITIES, INCLUDING SUCH REVENUES FROM FACILITIES OTHER THAN
THE FACILITY OR FACILITIES BEING FINANCED BY ANY SUCH BORROWING
(THE "REVENUES"), AND TO SECURE ANY SUCH BORROWING BY A PLEDGE OF
THE REVENUES.

(2) AS USED IN THIS SUBSECTION, "COST" INCLUDES THE
ACTUAL COST OF CONSTRUCTING OR ACQUIRING A FACILITY, THE COST OF
IMPROVING, RESTORING, REMODELING, OR ENLARGING ANY FACILITY SO
ACQUIRED, THE COST OF SURVEYS, STUDIES, DRAWINGS, ARCHITECTURAL
AND ENGINEERING PLANS AND SPECIFICATIONS, THE COST OF SITE
ASSEMBLY, INCLUDING LEGAL PROCEEDINGS, TITLE FEES AND SETTLEMENT
CHARGES, THE COST OF ISSUANCE OF BONDS UNDER THIS SUBSECTION,
INCLUDING ADVERTISING AND PRINTING CHARGES AND LEGAL FEES, THE
COST OF INTEREST ON ANY SUCH BONDS DURING CONSTRUCTION OF ANY
FACILITY AND FOR A PERIOD OF 1 YEAR AFTER COMPLETION THEREOF,
INCLUDING THE ACTUAL COST TO THE COMMISSION OF PERFORMANCE OF ANY
OF THE FOREGOING FUNCTIONS BY ITS OWN STAFF, WHICH COST MAY BE
REIMBURSED TO THE COMMISSION FROM THE PROCEEDS OF SUCH BONDS
ISSUED TO FINANCE THE FACILITIES WITH RESPECT TO WHICH SUCH
SERVICES HAVE BEEN PERFORMED.

(3) THE COMMISSION MAY FIX AND, FROM TIME TO TIME,
ALTER OR AMEND FEES, RATES, RENTALS, OR OTHER CHARGES FOR THE USE
OF ANY FACILITY OF THE COMMISSION IN MONTGOMERY COUNTY IN ORDER

(I)  TO PROVIDE REVENUES TO MEET DEBT SERVICE ON ITS BONDS ISSUED
UNDER THIS SUBSECTION TO FINANCE THE COST OF ANY SUCH FACILITY
EITHER SEPARATELY OR TOGETHER WITH OTHER REVENUE PRODUCING
FACILITIES OF THE COMMISSION IN MONTGOMERY COUNTY OR TO MEET DEBT
SERVICE ON SUCH BONDS ISSUED TO FINANCE THE COST OF OTHER REVENUE
PRODUCING FACILITIES OF THE COMMISSION IN MONTGOMERY COUNTY, AND

(II) TO PROVIDE FOR THE PAYMENT OF ALL EXPENSES OF THE COMMISSION
WITH RESPECT TO SUCH FACILITY OR FACILITIES, SUCH AS, WITHOUT

- 3168 -

 

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Session Laws, 1987
Volume 769, Page 3168   View pdf image
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