Ch. 302                                    1996 LAWS OF MARYLAND

AND OTHERS CARRYING ON A BANKING BUSINESS, ALL ADMINISTRATORS,
EXECUTORS, GUARDIANS, TRUSTEES AND OTHER FIDUCIARIES, AND ALL OTHER
PERSONS MAY LEGALLY AND PROPERLY INVEST FUNDS, INCLUDING CAPITAL, IN
THEIR CONTROL OR BELONGING TO THEM

(2) REVENUE BONDS ISSUED BY THE RECREATIONAL FACILITIES
REVENUE AUTHORITY ARE HEREBY MADE SECURITIES WHICH MAY PROPERLY AND
LEGALLY BE DEPOSITED WITH AND RECEIVED BY ANY STATE OR MUNICIPAL
OFFICER OR ANY AGENCY OR POLITICAL SUBDIVISION OF THE STATE FOR ANY
PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR OTHER OBLIGATIONS OF THE
STATE IS NOW OR MAY HEREAFTER BE AUTHORIZED BY LAW.

(M) THE TAX EXEMPT BONDS, NOTES, AND OTHER EVIDENCES OF
INDEBTEDNESS ISSUED BY THE RECREATIONAL FACILITIES REVENUE AUTHORITY,
THEIR TRANSFER, THE INTEREST PAYABLE ON THEM, AND ANY INCOME DERIVED
FROM THEM, INCLUDING ANY PROFIT REALIZED IN THEIR SALE OR EXCHANGE,
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.

(N) THE BONDS, NOTES, AND OTHER EVIDENCES OF INDEBTEDNESS ISSUED
BY THE RECREATIONAL FACILITIES REVENUE AUTHORITY ESTABLISHED BY THE
COUNTY SHALL BE EXEMPT FROM THE PROVISIONS OF ARTICLE 31, §§ 9, 10, AND 11
OF THE ANNOTATED CODE OF MARYLAND, OR ANY SUCCESSOR PROVISION.

(O) THE RECREATIONAL FACILITIES REVENUE AUTHORITY ESTABLISHED BY
THE COUNTY MAY ACQUIRE REAL AND PERSONAL PROPERTY AND INTERESTS IN
REAL AND PERSONAL PROPERTY WITHIN OR OUTSIDE OF THE COUNTY AND MAY
PLEDGE, MORTGAGE, ENCUMBER, SELL, LEASE, TRANSFER, OR CONVEY ANY
INTEREST IN ITS REAL AND PERSONAL PROPERTY TO THE COUNTY OR ANY PERSON.

(P) EARNINGS OF THE RECREATIONAL FACILITIES REVENUE AUTHORITY
ESTABLISHED BY THE COUNTY MAY NOT ENURE TO THE BENEFIT OF PRIVATE
PERSONS.

(Q) IN THE EVENT OF DISSOLUTION OF THE RECREATIONAL FACILITIES
REVENUE AUTHORITY ESTABLISHED BY THE COUNTY, THE TITLE TO ALL
PROPERTY FINANCED BY THE PROCEEDS OF BONDS, NOTES, OR OTHER EVIDENCES
OF INDEBTEDNESS ISSUED BY THE AUTHORITY SHALL REVERT TO THE COUNTY.

(R) (1) IT IS THE INTENT OF THIS SECTION THAT THE RECREATIONAL
FACILITIES REVENUE AUTHORITY ESTABLISHED BY THE COUNTY BE A
"CONSTITUTED AUTHORITY' WITHIN THE MEANING OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED, AND THE RELEVANT REGULATIONS, RULINGS, AND
PROCEDURES.

(2) THE POWERS OF THE RECREATIONAL FACILITIES REVENUE
AUTHORITY SHALL BE CONSTRUED TO GIVE EFFECT TO THIS INTENT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1996.

Approved April 30, 1996.

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