S.B. 810

VETOES

[5-410.] 5-711.

A subdivision may delegate the planning' and carrying out of a project under [§
5-404, § 5-405, or § 5-406] § 5-704, § 5-705, OR § 5-706 to a local economic development
agency, or in the case of a county, to a municipal corporation located in the county.
However, the delegation does not relieve the subdivision of any obligation incurred under
any loan agreement executed pursuant to this subtitle.

[5-411.] 5-712.

A loan under this subtitle is a general obligation of the borrowing subdivision, to the
repayment of which the subdivision's full faith and credit are pledged or an obligation of
Baltimore City repayable from assets and revenues as provided in the loan agreement.
However, notwithstanding any other provision of law, a loan to Baltimore City, Baltimore
County, Prince George's County, or any municipal corporations, under this subtitle may
be undertaken or entered into by the counties, municipal corporations, or Baltimore City
pursuant to and within the limitations of this subtitle without regard to any limitations set
forth in its charter or other applicable public local or public general law that would
otherwise apply, and without complying with any procedures set forth in its charter or
other applicable public local or public general law that would otherwise be required. The
Secretary, upon the sale of any part of the land subject to the lien of a loan agreement
and prepayment of principal as provided in this subtitle, or where land subject to the lien
of a loan agreement as provided in this subtitle is reserved for use for an entire industrial
park, shall execute a partial release of such land from the lien of the loan agreement.

[5-412.] 5-713.

Each subdivision is hereby authorized to issue general obligation bonds or otherwise
borrow money in an amount not exceeding one half of one percent of the total assessed
value of property located within the subdivision subject to taxation at the full tax rate of
the subdivision in order to obtain funds to finance its share of project costs for projects in
which the State participates under this subtitle.

[5-413.] 5-714.

(a)     The Board of Public Works is hereby authorized and directed to issue a State
loan to be known as the "Maryland Industrial Land Loan of 1972" in the aggregate sum
of six million dollars ($6,000,000). The certificates evidencing said loan may be issued all
at one time or, in groups, from time to time, as hereinafter provided. All of said
certificates evidencing said loan, or any group thereof, shall be issued according to a serial
maturity plan to be established in the resolution authorizing the issuance of said loan or
any portion thereof, which plan need not be in equal par amounts or in consecutive
annual installments but shall be so worked out as to discharge the principal represented
by said certificates within fifteen (15) years from the time of its issue; provided, however,
that it shall not be necessary to provide for the redemption of any part of the principal
represented by any certificates for the first two (2) years from the time of the issuance of
said certificates.

(b)     The Board of Public Works shall and is hereby authorized and empowered to
pass a resolution or resolutions, from time to time, determining and setting forth:

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