WILLIAM DONALD SCHAEFER, Governor                   Ch. 745

THE FINANCED AREA TO WHICH THE BONDS RELATE, AND IN DETERMINING
OTHER DESIGNATED BLIGHTED AREAS, IF ANY, WITHIN ITS JURISDICTION,
SHALL OBSERVE APPLICABLE RESTRICTIONS SET FORTH IN FEDERAL LAW.

14-806.

(A)  A COUNTY OR MUNICIPAL CORPORATION THAT IS NOT THE
ISSUING LOCAL GOVERNING BODY, BY WRITTEN AGREEMENT MAY:

(1)  PLEDGE THAT ANY INCREASE IN REAL PROPERTY TAX
REVENUES TO SUCH COUNTY OR MUNICIPAL CORPORATION (ATTRIBUTABLE TO
INCREASES IN ASSESSED VALUE) BY REASON OF THE CARRYING OUT OF THE
PURPOSES OF A BOND ISSUE IN A DESIGNATED BLIGHTED AREA SHALL BE
APPLIED TO THE PAYMENT OF THE BONDS; AND

(2)  MAKE SUCH COVENANTS REGARDING REAL PROPERTY TAXES
AND OTHER CHARGES IN A DESIGNATED BLIGHTED AREA AS IT SHALL DEEM
APPROPRIATE.

(B)  SUCH AGREEMENTS SHALL BE MADE WITH THE ISSUING LOCAL
GOVERNING BODY. THESE AGREEMENTS MAY BE STATED TO RUN TO THE
BENEFIT OF AND BE ENFORCEABLE ON BEHALF OF ANY BONDHOLDER.

14-807.

(A)  IN ORDER TO IMPLEMENT THE AUTHORITY CONFERRED UPON IT
BY THIS SUBTITLE TO ISSUE BONDS, THE GOVERNING BODY OF A LOCAL
GOVERNING BODY SHALL ADOPT AN ORDINANCE OR RESOLUTION THAT:

(1)  SPECIFIES AND DESCRIBES THE PROPOSED UNDERTAKING
AND STATES THAT § 14-805 OF THIS SUBTITLE MUST BE COMPLIED WITH
PRIOR TO THE ISSUANCE OF BONDS; AND

(2)  SPECIFIES THE MAXIMUM PRINCIPAL AMOUNT OF BONDS
TO BE ISSUED.

(B)  THE ORDINANCE OR RESOLUTION DESCRIBED IN SUBSECTION (A)
OF THIS SECTION OF THIS SUBTITLE MAY ITSELF SPECIFY AND
PRESCRIBE, OR MAY AUTHORIZE ITS FINANCE BOARD, BY RESOLUTION OR
ORDINANCE, OR ITS CHIEF EXECUTIVE OFFICER, BY EXECUTIVE ORDER, TO
SPECIFY AND PRESCRIBE ANY OF THE FOLLOWING AS IT CONSIDERS
APPROPRIATE TO EFFECT THE FINANCING OF THE PROPOSED UNDERTAKING:

(1)  THE ACTUAL PRINCIPAL AMOUNT OF THE BONDS TO BE
ISSUED;

(2)  THE ACTUAL RATE OR RATES OF INTEREST THE BONDS
ARE TO BEAR OR,   IN THE CASE OF FLOATING OR VARIABLE RATES OF
INTEREST, THE    METHOD OF DETERMINATION OF THE INTEREST RATE OR
RATES;

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