Ch. 539

1997 LAWS OF MARYLAND

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 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.

(J) THE TAX EXEMPT BONDS, NOTES, AND OTHER EVIDENCES OF
INDEBTEDNESS ISSUED BY THE 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.

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

12-105.

(A) THE COUNTY EXECUTIVE, WITH THE APPROVAL OF THE COUNTY
COUNCIL MAY CONVEY TO THE AUTHORITY THE COUNTY'S TITLE TO ANY LANDS,
STREETS, ALLEYS, BUILDINGS, FACILITIES, OR OTHER PUBLIC PLACES.

(B) (1) THE COUNTY EXECUTIVE, WITH THE APPROVAL OF THE COUNTY
COUNCIL, MAY ADVANCE OR ASSIGN TO THE AUTHORITY ANY RATES, RENTALS,
FEES, OR CHARGES NOW BEING OR HEREINAFTER RECEIVED BY THE COUNTY.

(2) THE ADVANCE OR ASSIGNMENT SHALL BE MADE FOR THE PURPOSE
OF PROVIDING ADDITIONAL SECURITY FOR ANY BONDS TO BE ISSUED BY THE
AUTHORITY OR FOR OTHER PURPOSES AS AGREED BETWEEN THE AUTHORITY AND
THE COUNTY.

(C) (1) THE COUNTY EXECUTIVE, WITH THE APPROVAL OF THE COUNTY
COUNCIL MAY ADVANCE TO THE AUTHORITY FROM THE GENERAL FUNDS OF THE
COUNTY, SUMS TO BE USED BY THE AUTHORITY TO DEFRAY EXPENSES FOR
INVESTIGATION, ENGINEERING AND ARCHITECTURAL STUDIES, OPINIONS, AND
COMPENSATION OF EMPLOYEES AND COUNSEL WHICH MAY BE INCURRED PRIOR TO
THE SALE OF ITS REVENUE BONDS.

(2) ADVANCES SHALL BE REPAID OUT OF THE FIRST PROCEEDS OF THE
SALE OF REVENUE BONDS BY THE AUTHORITY FOLLOWING ANY SUCH ADVANCE.

(D) NO PROVISION OF THE COUNTY CHARTER OR OTHER COUNTY LAW
APPLIES TO THE AUTHORITY REGARDING THE DUTIES, POWERS, OR

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