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PARRIS N. GLENDENING, Governor
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Ch. 559
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(1) OBTAIN OR ENTER INTO AGREEMENTS AND CONTRACTS FOR BOND
INSURANCE, RESERVE FUND INSURANCE, A LETTER OF CREDIT, A LINE OF CREDIT,
OR ANY FORM OF ADDITIONAL, SUBSTITUTE, OR REPLACEMENT SECURITY FOR ANY
BONDS; AND
(2) PLEDGE OR ASSIGN ALL OR ANY PART OF THE FUNDS OF THE BOARD
TO THE REPAYMENT OR REIMBURSEMENT OF THE PROVIDER OF THE BOND
INSURANCE, RESERVE FUND INSURANCE, LETTER OF CREDIT, LINE OF CREDIT, OR
OTHER FORM OF ADDITIONAL, SUBSTITUTE, OR REPLACEMENT SECURITY.
(P) (R) ANY OF THE AGREEMENTS AND CONTRACTS MAY CONTAIN THE
COVENANTS, TERMS, AND CONDITIONS AS MAY BE CONTAINED IN ANY TRUST
AGREEMENT FOR ANY BONDS.
(Q) (S) ANY BANK OR TRUST COMPANY INCORPORATED UNDER THE LAWS
OF THE STATE THAT ACTS AS A DEPOSITORY OF THE PROCEEDS OF THE BONDS MAY
FURNISH INDEMNIFYING BONDS OR PLEDGE SECURITIES AS REQUIRED BY THE
BOARD.
(R) (T) THE RESOLUTION PROVIDING FOR THE ISSUANCE OF BONDS IS A
TRUST AGREEMENT IF IT SO STIPULATES.
(S) (U) ALL EXPENSES INCURRED IN CARRYING OUT THE PROVISIONS OF
ANY TRUST AGREEMENT OR ANY RESOLUTION MAY BE TREATED AS A PART OF THE
COST OF THE OPERATIONS OF THE BOARD.
(T) (V) UPON THE ISSUANCE OF BONDS, THE STATE COMPTROLLER SHALL
WITHHOLD FROM ANY INSTALLMENT DUE THE BOARD FROM THE GENERAL STATE
SCHOOL FUND AND THE DIRECTOR OF FINANCE OF BALTIMORE CITY SHALL
WITHHOLD FROM ANY FUNDS APPROPRIATED TO THE BOARD MONEYS FOR DEPOSIT
TO THE CREDIT OF A SINKING FUND MAINTAINED TO PAY THE PRINCIPAL AND
INTEREST ON THE BONDS. SUCH MONEYS SHALL BE WITHHELD UNTIL THE BONDS
ARE NO LONGER OUTSTANDING AND UNPAID AND SHALL BE WITHHELD IN
INSTALLMENTS. THE AMOUNT OF EACH INSTALLMENT SHALL BE DETERMINED AT
THE TIME THE BONDS ARE ISSUED AND SHALL BE PROVIDED IN WRITING BY THE
BOARD TO THE STATE COMPTROLLER AND TO THE DIRECTOR OF FINANCE OF
BALTIMORE CITY, PROVIDED THAT THE FREQUENCY AND AMOUNT OF SUCH
INSTALLMENTS SHALL ALLOW FOR THE TIMELY PAYMENT OF THE PRINCIPAL AND
INTEREST ON THE BONDS.
4-306.3.
(A) THE EXERCISE OF THE POWERS GRANTED BY THE PROVISIONS OF THIS
SUBTITLE SHALL BE FOR THE BENEFIT OF THE STUDENTS WHO ATTEND THE PUBLIC
SCHOOLS UNDER THE BOARD AND FOR THE IMPROVEMENT OF THEIR EDUCATION,
PROSPERITY, HEALTH, LIVING CONDITIONS, AND GENERAL WELFARE.
(B) THE BOARD SHALL NOT BE REQUIRED TO PAY ANY TAXES OR
ASSESSMENTS OF ANY KIND WHATSOEVER AND ITS BONDS, 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
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- 2973 -
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