PARRIS N. GLENDENING, Governor

Ch. 539

RIGHTS HEREBY VESTED IN THE AUTHORITY UNTIL ANY REVENUE BONDS ISSUED
BY THE AUTHORITY, TOGETHER WITH THE INTEREST THEREON, ARE FULLY MET
AND DISCHARGED, IT BEING THE INTENT OF THIS TITLE THAT THE AUTHORITY
SHALL CONTINUE TO HAVE AND MAY EXERCISE ALL POWERS HEREIN GRANTED, SO
LONG AS THE SAME SHALL BE NECESSARY OR DESIRABLE FOR THE CARRYING OUT
OF THE PURPOSES OF THIS TITLE.

12-104.

(A) THE AUTHORITY MAY ISSUE REVENUE BONDS, NOTES, OR OTHER
EVIDENCES OF INDEBTEDNESS ON BEHALF OF THE COUNTY FOR THE PURPOSES OF
THE AUTHORITY.

(B) THE REVENUE BONDS, NOTES, OR OTHER EVIDENCES OF INDEBTEDNESS
ISSUED UNDER THE PROVISIONS OF THIS TITLE MAY NOT BE DEEMED TO
CONSTITUTE A DEBT OF THE COUNTY OR A PLEDGE OF THE FAITH AND CREDIT OF
THE COUNTY OR OF THE STATE OF MARYLAND OR ANY POLITICAL SUBDIVISION OF
THE STATE OF MARYLAND.

(C) THE REVENUE BONDS, NOTES, OR OTHER EVIDENCES OF INDEBTEDNESS
SHALL BE PAYABLE FROM THE FUNDS OF THE AUTHORITY PROVIDED FROM
REVENUES OF THE PROJECT OR PROJECTS OF THE AUTHORITY.

(D) ALL REVENUE BONDS SHALL CONTAIN A STATEMENT ON THEIR FACE TO
THE EFFECT THAT THE FULL FAITH AND CREDIT OF THE STATE, COUNTY, OR ANY
OTHER POLITICAL SUBDIVISION OF THE STATE IS NOT PLEDGED TO PAY BONDS OR
THE INTEREST THEREON.

(E) EXCEPT AS OTHERWISE PROVIDED IN SUBSECTION (F) OF THIS SECTION,
THE ISSUANCE OF THE REVENUE BONDS, CERTIFICATES, OR OTHER EVIDENCES OF
INDEBTEDNESS UNDER THE PROVISIONS OF THIS SECTION MAY NOT DIRECTLY,
INDIRECTLY, OR CONTINGENTLY OBLIGATE THE COUNTY TO LEVY OR PLEDGE ANY
FORM OF TAXATION OR ANY APPROPRIATION FOR THEIR PAYMENT.

(F) THE COUNTY EXECUTIVE MAY, WITH THE APPROVAL OF THE COUNTY
COUNCIL COLLATERALLY AGREE TO PROVIDE SUFFICIENT MONEYS FROM THE
GENERAL FUND OF THE COUNTY TO PAY ANY DEFICIENCY IN THE DEBT SERVICE
REQUIREMENT OF SUCH BONDS FOR ANY YEAR IN WHICH THERE IS A DEFICIT.

(G) AN ADVANCE OF MONEYS FROM THE GENERAL FUND OF THE COUNTY
SHALL BE REPAID FROM THE RECEIPTS, RENTALS, OR REVENUES OF THE
AUTHORITY IN THE NEXT SUCCEEDING YEAR IN WHICH SUCH RECEIPTS, RENTALS
OR REVENUES EXCEED DEBT SERVICE REQUIREMENTS AND OPERATING EXPENSES.

(H) AN ADVANCE OF MONEYS FROM THE GENERAL FUND OF THE COUNTY
UNDER ANY AGREEMENT OR AGREEMENTS MAY NOT EXCEED THE LESSER OF
$25,000 OR AN AMOUNT ESTABLISHED BY LOCAL LAW.

(I) (1) REVENUE BONDS ISSUED BY THE AUTHORITY AUTHORIZED BY THIS
TITLE 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

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