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PARRIS N. GLENDENING, Governor
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H.B. 335
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time and place specified therein. Such ordinance shall become effective only if it is
approved by the majority of the votes cast at the time and place specified in such
ordinance. Except as otherwise provided herein, this section may not be construed as
requiring the submission to the legal voters of the City of Baltimore of any ordinance
creating a development district pursuant to subsection (d) of this section.
(3) Such ordinance may specify that the bonds authorized thereunder
may be issued from time to time or at any time.
(4) Such ordinance may authorize the Mayor and City Council of
Baltimore by ordinance or the Board of Finance by resolution to specify and prescribe
any of the following as it deems appropriate to effect the financing or refinancing of
the proposed undertaking:
(i) the actual principal amount of the bonds to be issued;
(ii) the actual rate or rates of interest the bonds are to bear or the
method for determining the same;
(iii) the manner in which and the terms upon which the bonds are to
be sold;
(iv) the manner in which and the times and places that the interest
on the bonds is to be paid;
(v) the time or times that the bonds may be executed, issued, and
delivered;
(vi) the form and tenor of the bonds and the denominations in which
the bonds may be issued;
(vii) the manner in which and the times and places that the
principal of the bonds is to be paid, within the limitations set forth in this subsection;
(viii) provisions pursuant to which any or all of the bonds may be
called for redemption prior to their stated maturity dates;
(ix) the terms and provisions of any development agreement to be
executed by the Mayor and City Council of Baltimore and any person in connection
with the issuance of such bonds; and
(x) any other provisions not inconsistent with this section, the
Charter and applicable law as shall be determined by the Mayor and City Council of
Baltimore or the Board of Finance (as the case may be) to be necessary or desirable to
effect the financing or refinancing of the proposed undertaking.
(g) The principal amount of the bonds, the interest payable thereon, their
transfer, and any income derived therefrom, including any profit made in the sale or
transfer thereof, shall be exempt from taxation by the State of Maryland and by the
several counties and municipalities of the State of Maryland but shall be included, to
the extent required under Title 8, Subtitle 2 of the Tax - General Article of the
Annotated Code of Maryland, as amended, replaced, or supplemented from time to
time, in computing the net earnings of financial institutions.
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- 4409 -
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