PARRIS N. GLENDENING, Governor

Ch. 737

(15) (14) EXERCISE ANY POWER USUALLY POSSESSED BY PRIVATE
CORPORATIONS IN PERFORMING SIMILAR FUNCTIONS, WHICH IS NOT IN CONFLICT
WITH THE CONSTITUTION AND THE LAWS OF THIS STATE; AND

(16) (15) DO ALL THINGS NECESSARY AND CONVENIENT TO CARRY OUT
THE POWERS EXPRESSLY GRANTED BY THIS SUBTITLE

5-1206.

(A) TO ACCOMPLISH, THE LEGISLATIVE INTENT OF THIS SUBTITLE, THE
MARYLAND ECONOMIC DEVELOPMENT CORPORATION MAY ISSUE BONDS, AT ANY TIME
AND FROM TIME TO TIME, FOR THE PURPOSES OF FINANCING OR REFINANCING ALL OR
PART OF THE COSTS OF A PROJECT.

(B) THE CORPORATION MAY LEND OR OTHERWISE MAKE AVAILABLE THE
PROCEEDS OF ITS NET EARNINGS TO ANY PERSON IN ORDER TO FINANCE OR REFINANCE
THE COSTS OF ANY PROJECT, AND MAY ENTER INTO SUCH FINANCING AGREEMENTS,
MORTGAGES, AND OTHER INSTRUMENTS, AS IT MAY DETERMINE TO BE NECESSARY OR
DESIRABLE TO EVIDENCE OR SECURE SUCH LOAN. IF ANY PROPERTY OF THE
CORPORATION IS LEASED TO ANY PERSON, THE LEASE MAY PROVIDE THAT UPON THE
CONVEYANCE OF THE PROPERTY, THE LESSEE OR ANOTHER PERSON MAY OR SHALL
PURCHASE OR OTHERWISE ACQUIRE THE PROPERTY FOR SUCH CONSIDERATION AS MAY
BE ESTABLISHED BY THE CORPORATION.

(A) THE CORPORATION MAY PROVIDE BY RESOLUTION FOR THE ISSUANCE
AT ONE TIME, OR IN SERIES FROM TIME TO TIME, REVENUE BONDS OF THE
CORPORATION FOR THE PURPOSE OF FINANCING OR REFINANCING ALL OR A PART
OF THE COSTS OF A PROJECT, AND FOR ALL OTHER LAWFUL CORPORATE PURPOSES
OF THE CORPORATION SET OUT IN THIS SUBTITLE.

(B) (1) THE BONDS SHALL BE DATED, SHALL BEAR INTEREST AT A RATE OR
RATES, AND SHALL MATURE AT SUCH TIME OR TIMES NOT EXCEEDING 40 YEARS
FROM THE DATE OR DATES OF THEIR RESPECTIVE ISSUES, AS MAY BE DETERMINED
BY THE CORPORATION, AND MAY BE SOLD AT THE PRICE OR PRICES AND UNDER
THE TERMS AND CONDITIONS FIXED BY THE CORPORATION BEFORE THE ISSUANCE
OF THE BONDS.

(3) THE PRINCIPAL OF AND THE INTEREST ON THE BONDS MAY BE
MADE PAYABLE IN ANY LAWFUL MEDIUM.

(C) (1) THE BONDS SHALL NOT BE DEEMED TO CONSTITUTE A DEBT,
LIABILITY, OR A PLEDGE OF THE FULL FAITH AND CREDIT OF THE STATE OF
MARYLAND OR OF ANY POLITICAL SUBDIVISION THEREOF OTHER THAN THE
CORPORATION, BUT SUCH BONDS SHALL BE PAYABLE SOLELY FROM THE FUNDS
HEREIN PROVIDED.

(2) ALL BONDS OF THE CORPORATION SHALL CONTAIN ON THEIR FACE
A STATEMENT TO THE EFFECT THAT NEITHER THE STATE OF MARYLAND NOR ANY
POLITICAL SUBDIVISION THEREOF OTHER THAN THE CORPORATION SHALL BE
OBLIGATED TO PAY THE SAME OR THE INTEREST ON THEM EXCEPT FROM
REVENUES PLEDGED TO THEM AND THAT NEITHER THE FULL FAITH AND CREDIT

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