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Ch. 147
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PARRIS N. GLENDENING, Governor
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A1-109. EMINENT DOMAIN.
CONDEMNATION OF LAND OR PROPERTY UNDER THE PROVISIONS OF THIS
APPENDIX SHALL BE IN ACCORDANCE WITH THE PROCEDURE PROVIDED IN THE
REAL PROPERTY ARTICLE OF THE ANNOTATED CODE OF MARYLAND.
A1-110. ENCOURAGEMENT OF PRIVATE ENTERPRISE.
THE MUNICIPALITY, TO THE EXTENT IT DETERMINES TO BE FEASIBLE IN
CARRYING OUT THE PROVISIONS OF THIS APPENDIX, SHALL AFFORD MAXIMUM
OPPORTUNITY TO THE REHABILITATION OR REDEVELOPMENT OF ANY URBAN
RENEWAL AREA BY PRIVATE ENTERPRISE CONSISTENT WITH THE SOUND NEEDS OF
THE MUNICIPALITY AS A WHOLE. THE MUNICIPALITY SHALL GIVE CONSIDERATION
TO THIS OBJECTIVE IN EXERCISING ITS POWERS UNDER THIS APPENDIX.
A1-111. GENERAL OBLIGATION BONDS.
FOR THE PURPOSE OF FINANCING AND CARRYING OUT OF AN URBAN RENEWAL
PROJECT AND RELATED ACTIVITIES, THE MUNICIPALITY MAY ISSUE AND SELL ITS
GENERAL OBLIGATION BONDS. ANY BONDS ISSUED BY THE. MUNICIPALITY
PURSUANT TO THIS SECTION SHALL BE ISSUED IN THE MANNER AND WITHIN THE
LIMITATIONS PRESCRIBED BY APPLICABLE LAW FOR THE ISSUANCE AND
AUTHORIZATION OF GENERAL OBLIGATION BONDS BY THE MUNICIPALITY, AND ALSO
WITHIN LIMITATIONS DETERMINED BY THE MUNICIPALITY.
A1-112. REVENUE BONDS.
(A) IN ADDITION TO THE AUTHORITY CONFERRED BY SECTION A1-111 OF THIS
APPENDIX, THE MUNICIPALITY MAY ISSUE REVENUE BONDS TO FINANCE THE
UNDERTAKING OF ANY URBAN RENEWAL PROJECT AND RELATED ACTIVITIES. ALSO,
IT MAY ISSUE REFUNDING BONDS FOR THE PAYMENT OR RETIREMENT OF THE
BONDS ISSUED PREVIOUSLY BY IT. THE BONDS SHALL BE MADE PAYABLE, AS TO
BOTH PRINCIPAL AND INTEREST, SOLELY FROM THE INCOME, PROCEEDS,
REVENUES, AND FUNDS OF THE MUNICIPALITY DERIVED FROM OR HELD IN
CONNECTION WITH THE UNDERTAKING AND CARRYING OUT OF URBAN RENEWAL
PROJECTS UNDER THIS APPENDIX. HOWEVER PAYMENT OF THE BONDS, BOTH AS TO
PRINCIPAL AND INTEREST, MAY BE FURTHER SECURED BY A PLEDGE OF ANY LOAN,
GRANT, OR CONTRIBUTION FROM THE FEDERAL GOVERNMENT OR OTHER SOURCE,
IN AID OF ANY URBAN RENEWAL PROJECTS OF THE MUNICIPALITY UNDER THIS
APPENDIX, AND BY A MORTGAGE OF ANY URBAN RENEWAL PROJECT, OR ANY PART
OF A PROJECT, TITLE TO WHICH IS IN THE MUNICIPALITY. IN ADDITION, THE
MUNICIPALITY MAY ENTER INTO AN INDENTURE OF TRUST WITH ANY PRIVATE
BANKING INSTITUTION OF THIS STATE HAVING TRUST POWERS AND MAY MAKE IN
THE INDENTURE OF TRUST COVENANTS AND COMMITMENTS REQUIRED BY ANY
PURCHASER FOR THE ADEQUATE SECURITY OF THE BONDS.
(B) BONDS ISSUED UNDER THIS SECTION DO' NOT CONSTITUTE AN
INDEBTEDNESS WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY
DEBT LIMITATION OR RESTRICTION, ARE NOT SUBJECT TO THE PROVISIONS OF ANY
OTHER LAW OR CHARTER RELATING TO THE AUTHORIZATION, ISSUANCE, OR SALE
OF BONDS, AND ARE EXEMPTED SPECIFICALLY FROM THE RESTRICTIONS
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- 1479 -
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