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Session Laws, 1989
Volume 771, Page 2114   View pdf image
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Ch. 219                                           LAWS OF MARYLAND

the park] A PROJECT, including any ancillary or other appurtenant
facilities, and charge and collect the same, and contract with
any person, partnership, or association, desiring the use of any
of the facilities of [the market or the park] A PROJECT or any
part or parts thereof, and fix the terms, conditions, and rates
of charges for such use.

(b) The rates and charges shall be fixed and adjusted to
provide maximum revenues from [the market and the park] A PROJECT
as determined by the Authority, and the rates or charges shall
not be subject to supervision or regulation by any other
commission, board, bureau, or agency of the State or any
political subdivision thereof, so long as the Authority is in
existence. The rates, charges, and all other revenues derived
from [the market and the park] A PROJECT, except the part or
parts thereof required to pay the current expenses of the [market
and the park] PROJECT and to provide reserves as provided for in
the resolution authorizing the issuance of the bonds or in the
trust indenture, shall be set aside at such regular intervals as
provided in the resolution or trust indenture, in a sinking fund
which is hereby pledged to and charged with the payment of (1)
the interest upon the revenue bonds provided for in § 13-111 as
the interest falls due, (2) the principal of the revenue bonds as
it falls due, (3) the necessary fiscal agency charges for paying
principal and interest, and (4) any premium upon the revenue
bonds retired by call or purchase as herein provided. The use
and disposition of the sinking fund shall be subject to such
regulations as is provided in the resolution authorizing the
issuance of the revenue bonds, or in the trust indenture, but
except as otherwise may be provided in the resolution or trust
indenture, the sinking fund shall be a fund for the benefit of
all revenue bonds without distinction or priority of one over
another. Subject to the provisions of the resolution authorizing
the issuance of bonds or of the trust indenture, , any moneys in
the sinking fund in excess of an amount equal to 1 year's
interest on all the revenue bonds then outstanding may be applied
to the purchase or redemption of revenue bonds. All bonds so
purchased or redeemed forthwith shall be cancelled.

13-115.

The establishment of [the market and the park] PROJECTS
under the provisions of this subtitle is in all respects for the
benefit of the inhabitants of the State of Maryland or its
political subdivisions and is a public purpose, and the State of
Maryland and its political subdivisions and the Authority will be
performing an essential governmental function in the exercise of
the powers conferred by this subtitle, and with the exception of
State and local real estate taxes as required below the Authority
shall not be required to pay any taxes or assessments upon the
[market and the park] PROJECTS or any [part] PARTS thereof or
upon its activities in the operation and maintenance of the
[market and the park] PROJECTS or upon any revenues therefrom,

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Session Laws, 1989
Volume 771, Page 2114   View pdf image
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