WILLIAM DONALD SCHAEFER, Governor                    Ch. 745

(3)  SECURED BY AND MADE PAYABLE FROM ALL OR ANY PART
OF THE REVENUES OF THE PROJECT OR UNDERTAKING FOR WHICH THE BOND
IS ISSUED;

(4)  SECURED BY AND MADE PAYABLE FROM THE PROCEEDS OF
BONDS; OR

(5)  SECURED BY AND MADE PAYABLE FROM ANY OTHER FUNDS
OR MONEYS THAT MAY BE LEGALLY MADE AVAILABLE FOR THE PAYMENT OF
THE BOND.

(B)  IN THE ORDINANCE OR RESOLUTION DESCRIBED IN § 14-808 OF
THIS SUBTITLE, THE LOCAL GOVERNING BODY MAY PROVIDE THAT BONDS
MAY BE SECURED AND MADE PAYABLE FROM ANY COMBINATION OF THE
SOURCES DESCRIBED IN SUBSECTION (A) OF THIS SECTION AND MAY
FURTHER DEFINE AND DETERMINE THE SOURCE OR SOURCES OF SECURITY
AND PAYMENT OF THE BONDS.

(C) NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS
SECTION, A BOND ISSUED PURSUANT TO THIS SUBTITLE BY THE MAYOR AND
CITY COUNCIL OF BALTIMORE MAY NOT BE SECURED BY AND MADE PAYABLE
FROM INCREASES IN REAL PROPERTY TAX REVENUES (ATTRIBUTABLE TO
INCREASES IN ASSESSED VALUE) BY REASON OF THE CARRYING OUT OF THE
PURPOSES FOR SUCH BOND ISSUE IN A DESIGNATED AREA.

14-804.

(A)  PROCEEDS RECEIVED FROM ANY BONDS ISSUED AND SOLD UNDER
THIS SUBTITLE MAY BE:

(1)  EXPENDED WITH RESPECT TO ANY DESIGNATED BLIGHTED
AREA FOR REDEVELOPMENT PURPOSES;

(2)  EXPENDED WITH RESPECT TO ANY DESIGNATED BLIGHTED
AREA FOR OTHER PURPOSES DETERMINED BY THE LOCAL GOVERNING BODY TO
BE INCIDENTAL, NECESSARY, OR APPROPRIATE TO THE REDEVELOPMENT OF
THE DESIGNATED BLIGHTED AREA, AS MAY BE DETERMINED BY THE LOCAL
GOVERNING BODY, INCLUDING CONSTRUCTION OF NEW STRUCTURES OR THE
ENLARGEMENT OF EXISTING STRUCTURES; OR

(3)  EXPENDED WITH RESPECT TO THE NECESSARY EXPENSES
OF PREPARING, PRINTING, SELLING, AND ISSUING THE BONDS, THE
FUNDING OF RESERVES AND THE FUNDING OF INTEREST ON THE BONDS IN
SUCH AMOUNTS, OR FOR SUCH PERIOD, AS THE LOCAL GOVERNING BODY
DEEMS REASONABLE.

(B)  IN THE ORDINANCE OR RESOLUTION DESCRIBED IN § 14-808 OF
THIS SUBTITLE, THE LOCAL GOVERNING BODY MAY PROVIDE THAT THE
PROCEEDS OF BONDS MAY BE EXPENDED FOR ANY COMBINATION OF THE
PURPOSES DESCRIBED IN SUBSECTION (A) OF THIS SECTION AND MAY
FURTHER DEFINE AND DETERMINE THE PURPOSES FOR WHICH BOND PROCEEDS
MAY BE EXPENDED.

- 3353 -