PARRIS N. GLENDENING, Governor

Ch. 266

(E) (1) NOTWITHSTANDING THE PROVISIONS OF SUBSECTION (B) OF THIS
SECTION, AND TO THE EXTENT NOT INCONSISTENT WITH ANY CONSTITUTIONAL OR
CHARTER PROVISION OR PUBLIC GENERAL LAW, ANY ISSUE OF BONDS MAY BE
GUARANTEED, IN WHOLE OR IN PART, AS TO PAYMENT OF PRINCIPAL INTEREST, OR
REDEMPTION PREMIUM BY AND UPON THE FULL FAITH AND CREDIT OF THE
COUNTY.

(2) THE GUARANTEE OF THE COUNTY BY AND UPON THE FULL FAITH
AND CREDIT OF THE COUNTY CONCERNING THE PAYMENT OF THE PRINCIPAL OF,
OR INTEREST OR REDEMPTION PREMIUM ON, ANY BONDS IS SUBJECT TO ANY
APPLICABLE REFERENDUM REQUIREMENTS OF THE CHARTER OF THE COUNTY.

(F) THE BONDS, THE TRANSFER OF THE BONDS, THE INTEREST PAYABLE ON
THE BONDS, AND ANY INCOME DERIVED FROM THE BONDS, INCLUDING ANY PROFIT
REALIZED IN THE SALE OR EXCHANGE OF THE BONDS, SHALL BE EXEMPT AT ALL
TIMES FROM TAXATION BY THE STATE OR BY ANY OF ITS COUNTIES, MUNICIPAL
CORPORATIONS, OR PUBLIC AGENCIES OF ANY KIND.

(G) THE BONDS ARE EXEMPT FROM THE PROVISIONS OF ARTICLE 31, §§ 9
THROUGH 11 OF THE ANNOTATED CODE OF MARYLAND, AS REPLACED,
SUPPLEMENTED, OR AMENDED.

(H) (1) A PLEDGE BY THE REDEVELOPMENT AUTHORITY OF REVENUES AS
SECURITY FOR AN ISSUE OF BONDS SHALL BE VALID AND BINDING FROM THE TIME
THE PLEDGE IS MADE.

(2) REVENUES PLEDGED BY THE REDEVELOPMENT AUTHORITY ARE
SUBJECT IMMEDIATELY TO THE LIEN OF THE PLEDGE WITHOUT ANY PHYSICAL
DELIVERY OR FURTHER ACT.

(3) THE LIEN OF ANY PLEDGE IS VALID AND BINDING AGAINST ANY
PERSON HAVING ANY CLAIM OF ANY KIND IN TORT, CONTRACT, OR OTHERWISE
AGAINST THE REDEVELOPMENT AUTHORITY, WHETHER OR NOT THE PERSON HAS
NOTICE OF THE LIEN.

(4) NOTWITHSTANDING ANY PROVISION OF PUBLIC GENERAL OR
PUBLIC LOCAL LAW, PERFECTION AGAINST THIRD PARTIES OF A LIEN OF A PLEDGE
BY THE REDEVELOPMENT AUTHORITY OF ITS REVENUES DOES NOT REQUIRE THE
FILING OR RECORDING OF A RESOLUTION, TRUST AGREEMENT, FINANCING
STATEMENT, CONTINUATION OR OTHER STATEMENT OR INSTRUMENT ADOPTED OR
ENTERED INTO BY THE REDEVELOPMENT AUTHORITY IN ANY PUBLIC RECORD
OTHER THAN THE RECORDS OF THE REDEVELOPMENT AUTHORITY.

(I) (1) UNLESS THE BONDS ARE GUARANTEED BY AND UPON THE FULL
FAITH AND CREDIT OF THE COUNTY AND ARE APPROVED IN A REFERENDUM BY
THE VOTERS OF THE COUNTY IN ACCORDANCE WITH SUBSECTION (E) OF THIS
SECTION, THE REDEVELOPMENT AUTHORITY MAY NOT ISSUE BONDS UNDER THIS
SECTION UNTIL AFTER THE REDEVELOPMENT AUTHORITY HAS HELD A PUBLIC
HEARING IN THE COUNTY ON THE PROPOSED BONDS.

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