Ch. 491

1996 LAWS OF MARYLAND

(2) THE GUARANTEE OF THE COUNTY CONCERNING THE PAYMENT OF
THE PRINCIPAL OF, OR INTEREST OR REDEMPTION PREMIUM ON ANY BONDS IS NOT
SUBJECT TO ANY REFERENDUM REQUIREMENTS OF THE CHARTER OF THE COUNTY.

(E)    (D) 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.

(F)     (E) THE BONDS ARE EXEMPT FROM THE PROVISIONS OF ARTICLE 31, §§ 9
THROUGH 11 OF THE CODE

(G) (F) (1) A PLEDGE BY THE 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 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 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 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 AUTHORITY IN ANY PUBLIC RECORD OTHER THAN THE RECORDS OF
THE AUTHORITY.

21A-109.

AS SPECIFIED BY LOCAL LAW, AND TO THE EXTENT NOT INCONSISTENT WITH
ANY CONSTITUTIONAL OR CHARTER PROVISION OR ANY PUBLIC GENERAL OR
PUBLIC LOCAL LAW, THE COUNTY MAY:

(1)     ASSIGN, PLEDGE, GRANT, CONTRIBUTE, OR PROVIDE TO THE
AUTHORITY ANY TAXES, RATES, RENTALS, FEES, CHARGES, OR OTHER FUNDS HELD
OR RECEIVABLE BY THE COUNTY FOR ANY PURPOSE, INCLUDING AS ADDITIONAL
SECURITY FOR ANY BONDS OF THE AUTHORITY; AND

(2)      (I) ADVANCE AMOUNTS TO THE AUTHORITY FOR ANY PURPOSE,
INCLUDING PAYMENT OF PRELIMINARY EXPENDITURES RELATING TO ANY
PROJECT OF THE AUTHORITY OR FOR DEFICIENCIES IN DEBT SERVICE
REQUIREMENTS; AND

(II) PROVIDE FOR THE REPAYMENT OR FORGIVENESS OF THE
ADVANCES.

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