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2000 LAWS OF MARYLAND
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Ch. 184
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(v) Unless authorized by the General Assembly, the Board of Public
Works may not give approval to an issuance by the Authority of bonds that constitute
tax supported debt of the State for the Montgomery County Conference Center facility
if, after issuance, there would be outstanding and unpaid more than [$17,604,000]
$23,185,000 face amount of such bonds, whether taxable or tax exempt, for the purpose
of financing acquisition, construction, and related expenses for construction
management, professional fees, and contingencies of the Montgomery County
Conference Center.
(2) The bonds of any issue shall be payable solely from the property or
receipts of the Authority, including, without limitation:
(i) Taxes, fees, charges, or other revenues payable to the Authority;
(ii) Payments by financial institutions, insurance companies, or
others pursuant to letters or lines of credit, policies of insurance, or purchase
agreements;
(iii) Investment earnings from funds or accounts maintained
pursuant to a bond resolution or trust agreement;
(iv) Proceeds of refunding bonds; and
(v) Any other source authorized by law.
(3) Bonds shall be authorized by a resolution of the Authority and may
be secured by a trust agreement by and between the Authority and a corporate
trustee or trustees, which may be any trust company or bank having the powers of a
trust company within or without the State. Bonds shall:
(i) Be issued at, above, or below par value, for cash or other
valuable consideration, and mature at a time or times, whether as serial bonds or as
term bonds or both, not exceeding 40 years from their respective dates of issue;
(ii) Bear interest at the fixed or variable rate or rates determined
by the method provided in the resolution or trust agreement;
(iii) Be payable at a time or times, in the denominations and form,
either coupon or registered or both, and carry the registration and privileges as to
conversion and for the replacement of mutilated, lost, or destroyed bonds as the
resolution or trust agreement may provide;
(iv) Be deemed a "security" within the meaning of § 8-102 of the
Commercial Law Article of the Code, whether or not it is either one of a class or series
or by its terms is divisible into a class or series of instruments and negotiable for all
purposes although payable from a limited source, notwithstanding any other law;
(v) Be payable in lawful money of the United States at a designated
place;
(vi) Be subject to the terms of purchase, payment, redemption,
refunding, or refinancing that the resolution or trust agreement provides;
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- 908 -
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