PARRIS N. GLENDENING, Governor                             Ch. 244

obligations, make such obligations payable solely from revenues of the issuer, and
adopt certain other provisions; specifying certain mandatory and optional local
government infrastructure debt issuance procedures; providing for certain security
in connection with local infrastructure financing; and generally relating to the
Community Development Administration and infrastructure financing.

BY repealing and reenacting, with amendments,

Article 83B - Department of Housing and Community Development
Section 2-204(16)
Annotated Code of Maryland
(1995 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 83B - Department of Housing and Community Development

2-204.

The Administration shall have the following functions and responsibilities:

(16) (i) Make, purchase, and participate in making loans for any
infrastructure project or to purchase any local obligations issued to finance any
infrastructure project or to provide any other form of financial assistance that the
Administration may deem appropriate for the financing of infrastructure projects, except
grants. The making, purchasing, or participating in making loans, the purchase of any
local obligations, or the providing of any other financial assistance shall be evidenced by
an agreement or other instrument indicating the terms and conditions necessary to secure
repayment to the Administration of any moneys provided by the Administration, any
interest charged by the Administration, and any other charges in connection with such
financial assistance. Subject to the provisions of any contract with holders of the
Administration's bonds, notes, or other obligations, the Administration may consent to
the modification, with respect to rate of interest, time of payment of any installment of
principal or interest, security, or any other term of any loan, local obligation,
commitment, contract, instrument, or agreement of any kind to which the Administration
is a party or which the Administration has acquired. In connection with any security
received by or owned by the Administration (including any local obligations), the
Administration may commence any action to protect or enforce the rights conferred upon
it by any law or agreement or acquire or take possession of such security, and in such
events, the Administration may administer, pay the principal of or interest on any
obligation incurred in connection with the security, dispose of and otherwise deal with the
security in a manner that the Administration considers necessary or desirable to protect
its interests. The Administration may sell any loan, agreement, local obligation, or other
obligation held by it at public or private sale with or without public bidding.

(ii) In the case of the purchase of local obligations, the procedures and
requirements for the issuance or sale of such local obligations shall [apply, except that,]
BE AS PROVIDED IN SUBPARAGRAPHS (IV), (V), AND (VI) OF THIS PARAGRAPH, AND
notwithstanding any other provision of public general or public local law, charter, or

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