WILLIAM DONALD SCHAEFER, Governor                            Ch. 544

13-1023.

(A)     NO MEMBER OF THE AUTHORITY NOR ANY PERSON EXECUTING THE
BONDS SHALL BE LIABLE PERSONALLY ON THE BONDS OR SUBJECT TO ANY
PERSONAL LIABILITY BY REASON OF THE ISSUANCE OF THE BONDS.

(B)      EXCEPT AS OTHERWISE PROVIDED BY AN APPLICABLE RESOLUTION OR
TRUST AGREEMENT, A HOLDER OF BONDS ISSUED UNDER THIS SUBTITLE, OR A
TRUSTEE ACTING UNDER A TRUST AGREEMENT CONCLUDED ENTERED INTO
UNDER THIS SUBTITLE, MAY, BY ANY SUITABLE FORM OF LEGAL PROCEEDINGS,
PROTECT AND ENFORCE ANY RIGHTS GRANTED UNDER THE LAWS OF THIS STATE
OR BY ANY APPLICABLE RESOLUTION OR TRUST AGREEMENT.

13-1024.

(A)     SUBJECT TO THE PRIOR APPROVAL OF THE BOARD OF PUBLIC WORKS,
THE AUTHORITY MAY ISSUE BONDS TO REFUND ANY OF ITS BONDS THEN
OUTSTANDING, INCLUDING THE PAYMENT OF ANY REDEMPTION PREMIUM AND
ANY INTEREST ACCRUED OR TO ACCRUE TO THE EARLIEST OR ANY SUBSEQUENT
DATE OF REDEMPTION, PURCHASE, OR MATURITY OF THE BONDS.

(B)      REFUNDING BONDS MAY BE ISSUED:

(1) (I) FOR THE PUBLIC PURPOSES OF REALIZING SAVINGS IN THE
EFFECTIVE COSTS OF DEBT SERVICE, DIRECTLY OR THROUGH A DEBT
RESTRUCTURING; OR

(2) (II) FOR ALLEVIATING IMPENDING OR ACTUAL DEFAULT; AND

(3) (2) IN ONE OR MORE SERIES IN AN AMOUNT IN EXCESS OF THAT
OF THE BONDS TO BE REFUNDED.

13-1025.

THE AUTHORITY MAY NOT CLOSE ON THE SALE OF BONDS TO FINANCE ANY
SEGMENT OF THE PRESERVATION DISTRICT UNLESS THE AUTHORITY:

(1) (I) CERTIFIES TO THE LEGISLATIVE POLICY COMMITTEE AND THE
BOARD OF PUBLIC WORKS THAT THE AUTHORITY HAS ENDEAVORED TO MAXIMIZE
PRIVATE INVESTMENT IN THE PRESERVATION DISTRICT; AND

(II) SUPPORTS THE CERTIFICATION WITH A DETAILED REPORT
OUTLINING ITS EFFORTS UNDER ITEM (I) OF THIS PARAGRAPH; AND

(2) PROVIDES TO THE FISCAL COMMITTEES OF THE GENERAL
ASSEMBLY, AT LEAST 30 DAYS BEFORE SEEKING APPROVAL OF THE BOARD OF
PUBLIC WORKS FOR EACH BOND ISSUE, A COMPREHENSIVE FINANCING PLAN FOR
THE RELEVANT SEGMENT OF THE PRESERVATION DISTRICT AND THE EFFECT OF
THIS FINANCING PLAN ON FINANCING OPTIONS FOR OTHER SEGMENTS OF THE
PRESERVATION DISTRICT, INCLUDING ANTICIPATED REVENUES FROM PRIVATE
INVESTMENT WHERE APPLICABLE.

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