Ch. 544                                         1993 LAWS OF MARYLAND

(I) BORROW MONEY FROM ANY SOURCE FOR ANY CORPORATE
PURPOSE, INCLUDING WORKING CAPITAL FOR ITS OPERATIONS, RESERVE FUNDS,
OR INTEREST;

. (II) MORTGAGE, PLEDGE, OR OTHERWISE ENCUMBER THE
PROPERTY AND FUNDS OF THE AUTHORITY; AND

(III), CONTRACT WITH OR ENGAGE THE SERVICES OF ANY PERSON
FOR ANY FINANCING, INCLUDING UNDERWRITERS, PLACEMENT AGENTS,
FINANCIAL INSTITUTIONS, ISSUERS OF LETTERS OF CREDIT, OR INSURERS;

(14) (17) SUBJECT TO PART III OF THIS SUBTITLE, ISSUE BONDS;

(15) (18) SUBJECT TO THE APPROVAL OF THE BOARD OF PUBLIC WORKS,
RECEIVE AND ACCEPT FROM ANY PUBLIC OR PRIVATE SOURCE CONTRIBUTIONS,
GIFTS, OR GRANTS OF MONEY OR PROPERTY AND INVEST THE FUNDS OR PROCEEDS
IN WHOLE OR IN PART;

(16) (19) EXERCISE ALL THE CORPORATE POWERS GRANTED
MARYLAND CORPORATIONS UNDER THE MARYLAND GENERAL CORPORATION
LAW; AND                                                                  

(17) (20) DO ALL THINGS NECESSARY OR CONVENIENT TO CARRY OUT
THE POWERS GRANTED BY THIS SUBTITLE.

13-1009.

(A)     THIS SECTION DOES NOT AFFECT THE RIGHT OF THE AUTHORITY TO
ACQUIRE AN OPTION OR INSTITUTE ANY CONDEMNATION PROCEEDING FOR LATER
ACQUISITION OF PROPERTY ONCE THE APPROVAL REQUIRED BY THIS SECTION
OCCURS.                                         

(B)      (1) SUBJECT TO ANNUAL APPROPRIATIONS AND THIS SUBTITLE, THE
AUTHORITY MAY ACQUIRE; IN ITS OWN NAME, BY GIFT, PURCHASE, OR
CONDEMNATION, ANY REAL OR PERSONAL PROPERTY, OR INTERESTS IN PROPERTY,
NECESSARY OR CONVENIENT TO CARRY OUT ITS RESPONSIBILITIES UNDER THIS
SUBTITLE.

(2)      WHEN ACQUIRING IN ITS OWN NAME ANY REAL OR PERSONAL
PROPERTY, OR INTERESTS IN PROPERTY AS SPECIFIED IN PARAGRAPH (1) OF THIS
SUBSECTION, THE AUTHORITY SHALL FIRST ATTEMPT TO ACQUIRE THE PROPERTY
THROUGH NEGOTIATION AND; PURCHASE.

(3)       IF IT IS NOT ABLE TO ACQUIRE PROPERTY THROUGH NEGOTIATION
AND PURCHASE, THE AUTHORITY MAY EXERCISE THE POWERS OF CONDEMNATION
FOR PRIVATE PROPERTY, AS PROVIDED IN SUBSECTION (C) OF THIS SECTION.

(4)       IF IT DETERMINES THAT ACTION UNDER PARAGRAPHS (2) AND (3)
OF THIS SUBSECTION IS INAPPROPRIATE, THE AUTHORITY MAY EXERCISE THE
POWERS OF CONDEMNATION FOR PRIVATE PROPERTY UNDER SUBSECTION (D) OF
THIS SECTION.

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