PARRIS N. GLENDENING, Governor

Ch. 603

(e)     (1) A pledge by the Authority of revenues as security for an issue of bonds
shall be valid and binding from the time when the pledge is made.

(2)     The revenues pledged shall immediately be subject to the lien of the
pledge without any physical delivery or further act, and the lien of any pledge shall be
valid and binding against any person having any claim of any kind in tort, contract or
otherwise against the Authority, irrespective of whether the person has notice.

(3)     No resolution, trust agreement or financing statement, continuation
statement, or other instrument adopted or entered into by the Authority need be filed or
recorded in any public record other than the records of the Authority in order to perfect
the lien against third persons, regardless of any contrary provision of public general or
public local law.

(f)     Except to the extent restricted by an applicable resolution or trust agreement,
any holder of bonds issued under this subtitle or a trustee acting under a trust agreement
entered into under this subtitle, may, by any suitable form of legal proceedings, protect
and enforce any rights granted under the laws of Maryland or by any applicable resolution
or trust agreement.

(g)     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. Refunding bonds may
be issued for the public purposes of realizing savings in the effective costs of debt service,
directly or through a debt restructuring, for alleviating impending or actual default and
may be issued in one or more series in an amount in excess of that of the bonds to be
refunded.

13-712.1.

The Authority may not close on the sale of bonds which constitute tax supported
debt of the State, and may not otherwise borrow money in amounts exceeding $35,000 per
year, to finance any segment of a facility unless the Authority:

(1)     Has certified to the Legislative Policy Committee and the Board of
Public Works that the Authority has endeavored to maximize private investment in the
SPORTS facility proposed to be financed and, with respect to a baseball or football
stadium, to maximize the State's ability to assure that the professional baseball and
football franchises will remain permanently in Maryland. This certification shall be
supported by a detailed report outlining these efforts;

(2)     Has provided to the fiscal committees of the General Assembly, at least
30 days prior to seeking approval of the Board of Public Works for each bond issue or
other borrowing, a comprehensive financing plan for the relevant segment of the facility
and the effect of this financing plan on financing options for other segments of the
facility, including anticipated revenues from private investment where applicable;

(3)     Has obtained the approval of the Board of Public Works of the proposed
bond issue and the plan for financing;

(4)     Has secured, as approved by the Board of Public Works, either:

- 3423 -