Ch. 536                                    1996 LAWS OF MARYLAND

REQUIRE ANY ALLOCATION OF THE MARYLAND STATE CEILING TO THE COUNTY IN
EXCESS OF THE INITIAL ALLOCATION TO THE COUNTY FOR ANY PERIOD PURSUANT TO §
13-802 OF THE FINANCIAL INSTITUTIONS ARTICLE.

(J) (1) REVENUE BONDS ISSUED BY THE REVENUE AUTHORITY AS
AUTHORIZED BY THIS SECTION ARE HEREBY MADE SECURITIES IN WHICH ALL
PUBLIC OFFICERS AND PUBLIC AGENCIES OF THE STATE AND ITS POLITICAL
SUBDIVISIONS, AND ALL BANKS, TRUST COMPANIES, SAVINGS AND LOAN
ASSOCIATIONS, INVESTMENT COMPANIES, 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 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.

(K) THE BONDS, NOTES, AND OTHER EVIDENCES OF INDEBTEDNESS ISSUED
BY THE REVENUE AUTHORITY ESTABLISHED BY THE COUNTY, 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.

(L) THE BONDS, NOTES, AND OTHER EVIDENCES OF INDEBTEDNESS ISSUED
BY THE 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.

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

Approved May 14, 1996.

CHAPTER 536
(House Bill 1296)

AN ACT concerning

Harford County - Alcoholic Beverages
(Salaries of liquor Control Board)

FOR the purpose of altering the compensation paid the chairman and members of the
Harford County Liquor Control Board; providing that this Act does not apply to the
salary or compensation of the incumbent chairman and members of the Board; and
generally relating to alcoholic beverages in Harford County.

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