Ch. 244

1996 LAWS OF MARYLAND

ordinance, any issuer of local obligations may sell local obligations to finance
infrastructure projects to the Administration:

1.       At private or public sale, with or without public bidding;

2.       Without regard to any limitations on the denomination of
such obligations; and

3.       At any interest rate or cost or at any price that the issuer
considers necessary or desirable. The issuer of the local obligations may pay any fees or
charges necessary to enable the Administration to sell its bonds, notes, or other
obligations or to provide the financial assistance authorized by this subsection, including
any fees for the insurance of local obligations or of notes, bonds, or obligations of the
Administration, or to provide any other guarantee, credit enhancement, or additional
security for any such obligations.

(iii) Notwithstanding any other provision of public general or public
local law, charter, or ordinance, in order to enhance the security or the marketability of
the bonds, notes, or obligations of the Administration sold to finance an infrastructure
project, a county or municipality may agree with the Administration to pledge any moneys
that the county or municipality is entitled to receive from the State, including without
limitations the county or municipality share of income tax. In the event of such pledge,
the State Comptroller and the State Treasurer shall cause in accordance with the terms of
such agreement such moneys to be paid to the Administration or any trustee designated
by the Administration.

(IV) 1. NOTWITHSTANDING ANY OTHER PROVISION OF PUBLIC
GENERAL OR PUBLIC LOCAL LAW, CHARTER, OR ORDINANCE, A COUNTY OR
MUNICIPALITY, OR ANY OF ITS AGENCIES OR INSTRUMENTALITIES, MAY ISSUE
LOCAL OBLIGATIONS TO BE PURCHASED BY THE ADMINISTRATION UNDER THIS
PARAGRAPH. LOCAL OBLIGATIONS SHALL BE ISSUED IN ACCORDANCE WITH THIS
SUBPARAGRAPH. ALL LOCAL OBLIGATIONS SHALL BE AUTHORIZED BY
RESOLUTION OR ORDINANCE OF THE GOVERNING BODY OF THE ISSUER WHICH
SHALL CONTAIN THE FOLLOWING:

A. A STATEMENT OF THE PUBLIC PURPOSE UPON WHICH
THE PROCEEDS OF THE LOCAL OBLIGATION ARE TO BE EXPENDED;

B. THE FORM OF THE LOCAL OBLIGATIONS, WHICH SHALL
INCLUDE:

I.       THE PLACE OR PLACES AND TIME OR TIMES OF PAYMENT
THEREOF;

II.      THE RATE OR RATES OF INTEREST PAYABLE THEREON
OR A NOT TO EXCEED RATE OR RATES OF INTEREST PAYABLE THEREON;

III.     THE TITLES OF THE OFFICIALS WHOSE SIGNATURES
SHALL BE AFFIXED TO OR IMPRINTED ON THE LOCAL OBLIGATIONS;

IV.     A REFERENCE TO THIS PARAGRAPH AS THE AUTHORITY
FOR THE ISSUANCE THEREOF; AND

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