Ch. 745

LAWS OF MARYLAND

BODY MAY BORROW MONEY BY ISSUING AND SELLING BONDS, AT ANY TIME
AND FROM TIME TO TIME, FOR THE PURPOSE OF FINANCING THE
REDEVELOPMENT OF DESIGNATED BLIGHTED AREAS. THIS SUBTITLE IS
SELF-EXECUTING, AND IT IS NOT NECESSARY FOR ANY LOCAL GOVERNING
BODY TO AMEND ITS CHARTER OR PUBLIC LOCAL LAW IN ORDER TO
EXERCISE THE POWERS GRANTED UNDER THIS SUBTITLE.

(B)  NEITHER THE ORDINANCE OR RESOLUTION AUTHORIZING THE
BONDS REFERRED TO IN THIS SUBTITLE, NOR THE ORDINANCE OR
RESOLUTION SPECIFYING THE DESIGNATED BLIGHTED AREA AND THE
FINANCED AREA AND ADOPTING THE REDEVELOPMENT PLAN, NOR ANY
ORDINANCE, RESOLUTION, OR EXECUTIVE ORDER PASSED OR ADOPTED IN
FURTHERANCE THEREOF, NOR THE BONDS THEMSELVES, ARE SUBJECT TO ANY
REFERENDUM OR OTHER APPROVAL REQUIREMENT BY REASON OF ANY PUBLIC
GENERAL LAW, PUBLIC LOCAL LAW, OR CHARTER PROVISION, EXCEPT THAT
THE ISSUANCE OF BONDS PURSUANT TO AN ORDINANCE OR RESOLUTION THAT
PLEDGES THE FULL FAITH AND CREDIT OF A LOCAL GOVERNING BODY TO
THE PAYMENT OF PRINCIPAL AND INTEREST ON SUCH BONDS SHALL BE
SUBJECT TO ANY APPLICABLE REQUIREMENTS IMPOSED BY THE
CONSTITUTION AND LOCAL CHARTERS OR LAWS REGARDING REFERENDUM OR
OTHER APPROVALS PROVISIONS IN CONNECTION WITH THE INCURRENCE OF
GENERAL OBLIGATION DEBT BY A LOCAL GOVERNING BODY. IT IS THE
INTENT OF THE GENERAL ASSEMBLY THAT GENERAL OBLIGATION
INDEBTEDNESS HERETOFORE OR HEREAFTER APPROVED BY REFERENDUM OR
OTHERWISE MAY BE INCURRED BY THE ISSUANCE OF BONDS UNDER THIS
SUBTITLE, AS LONG AS THE PURPOSES FOR WHICH THE INDEBTEDNESS WAS
OR IS APPROVED INCLUDE THE PURPOSES FOR WHICH SUCH BONDS ARE
ISSUED UNDER THIS SUBTITLE.

(C)  BONDS SECURED BY A PLEDGE OF THE FULL FAITH AND CREDIT
OF THE LOCAL GOVERNING BODY SHALL BE SUBJECT TO LIMITATIONS, IF
ANY, IMPOSED BY PUBLIC GENERAL LAW, PUBLIC LOCAL LAW, OR CHARTER
PROVISIONS REGARDING THE MAXIMUM AMOUNT OF GENERAL OBLIGATION
INDEBTEDNESS OF THE LOCAL GOVERNING BODY THAT MAY BE INCURRED OR
OUTSTANDING.

(D)  A COMMISSIONER COUNTY MAY NOT ISSUE BONDS SECURED BY
THE FULL FAITH AND CREDIT OF THE COUNTY UNLESS THE AMOUNT OF
BONDS TO BE ISSUED BY THE COMMISSIONER COUNTY UNDER THIS SUBTITLE
HAVE BEEN APPROVED FIRST BY THE GENERAL ASSEMBLY.

14-803.

(A) A BOND ISSUED UNDER THIS SUBTITLE MAY BE:

(1)  SECURED BY A PLEDGE OF THE FULL FAITH AND CREDIT
OF THE LOCAL GOVERNING BODY AND MADE PAYABLE BY TAXES OF GENERAL
APPLICABILITY IMPOSED BY THE LOCAL GOVERNING BODY;

(2)  SECURED BY AND MADE PAYABLE FROM ANY INCREASE IN
REAL PROPERTY TAX REVENUES (ATTRIBUTABLE TO INCREASES IN ASSESSED
VALUE) BY REASON OF THE CARRYING OUT OF THE PURPOSES FOR THE BOND
ISSUE IN DESIGNATED BLIGHTED AREAS;

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