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Ch. 559
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2000 LAWS OF MARYLAND
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OF BALTIMORE, OR OF ANY OTHER POLITICAL SUBDIVISION OF THE STATE, EXCEPT
THE NEW BALTIMORE CITY BOARD OF SCHOOL COMMISSIONERS, AND THE BONDS
SHALL SO STATE ON THEIR FACE.
(2) THE BONDS DO NOT CONSTITUTE A DEBT OR OBLIGATION
CONTRACTED BY THE GENERAL ASSEMBLY OR PLEDGE THE FAITH AND CREDIT OF
THE STATE WITHIN THE MEANING OF ARTICLE III, § 34 OF THE MARYLAND
CONSTITUTION.
(N) THE BONDS OF ANY ISSUE SHALL BE PAYABLE FROM AND SECURED
SOLELY BY:
(1) ALL OR ANY PART OF THE FEES OR REVENUES GENERATED BY AN
ACTIVITY OF THE BOARD TO THE EXTENT LAWFULLY AVAILABLE FOR SUCH
PURPOSE;
(2) THE PROCEEDS OF THE BONDS AND INVESTMENT EARNINGS
THEREON;
(3) ANY GRANT OR GIFT RECEIVED BY THE BOARD TO THE EXTENT
LAWFULLY AVAILABLE FOR SUCH PURPOSE;
(4) RESERVES OR OTHER FUNDS ESTABLISHED FOR THE BONDS UNDER
THE RESOLUTION OR TRUST AGREEMENT;
(5) ANY MONEYS WHICH MAY LAWFULLY BE APPLIED TO THE PAYMENT
OF THE BONDS, INCLUDING WITHOUT LIMITATION ANY APPROPRIATION BY THE
STATE OR BALTIMORE CITY MADE LAWFULLY AVAILABLE FOR SUCH PURPOSE; OR
(6) ANY SOURCE OF FUNDS TO WHICH THE BOARD HAS ACCESS TO THE
EXTENT LAWFULLY AVAILABLE FOR SUCH PURPOSE.
(M) (O) PRIOR TO AND DURING CONSTRUCTION AND FOR 1 YEAR AFTER
COMPLETION OF CONSTRUCTION OF ANY PUBLIC SCHOOL FACILITY FOR WHICH
BONDS HAVE BEEN ISSUED, THE INTEREST ON THE BONDS MAY BE PAID OUT OF THE
PROCEEDS OF THE BONDS OR OUT OF OTHER MONEYS ALLOCATED FOR THAT
PURPOSE.
(N) (P) (1) THE BOARD MAY PROVIDE, FROM TIME TO TIME, FOR THE
ISSUANCE AND SALE OF REVENUE BOND ANTICIPATION NOTES IN ACCORDANCE
WITH THE PROCEDURES SET FORTH IN ARTICLE 31, REVENUE 12 OF THE CODE FOR THE
ISSUANCE OF BONDS.
(2) EXCEPT WHERE THE PROVISIONS OF THIS SUBTITLE WOULD BE
INAPPLICABLE TO BOND ANTICIPATION NOTES, THE TERM "BONDS" USED IN THIS
SUBTITLE SHALL INCLUDE BOND ANTICIPATION NOTES, INCLUDING THE
PROVISIONS PERTAINING TO THE EXEMPTION FROM TAXATION BY THE STATE AND
ITS POLITICAL SUBDIVISIONS.
(O) (Q) IN CONNECTION WITH THE ISSUANCE OF ANY BONDS, THE BOARD
MAY:
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- 2972 -
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