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Ch. 471
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2002 LAWS OF MARYLAND
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ANY INCOME DERIVED FROM THEM, INCLUDING ANY PROFIT REALIZED IN THEIR
SALE OR EXCHANGE, SHALL BE EXEMPT FROM TAXATION BY THIS STATE OR BY ANY
OF ITS POLITICAL SUBDIVISIONS, MUNICIPAL CORPORATIONS, OR PUBLIC AGENCIES.
(B) THE BONDS, NOTES, AND OTHER EVIDENCES OF OBLIGATION ISSUED
UNDER THIS SUBTITLE ARE NOT AND MAY NOT BE CONSIDERED TO CONSTITUTE A
DEBT OR A PLEDGE OF THE FAITH AND CREDIT OF THE STATE OF MARYLAND, BUT
SHALL BE PAYABLE, AS TO BOTH PRINCIPAL AND INTEREST, ONLY FROM THE
PROCEEDS OF THE REVENUES PLEDGED OR MADE AVAILABLE UNDER THIS
SUBTITLE FOR THIS PURPOSE.
(C) THE DEPARTMENT'S PLEDGE OF REVENUES AND FUNDS TO SECURE ITS
BONDS, NOTES, AND OTHER EVIDENCES OF OBLIGATION ISSUED UNDER THIS
SUBTITLE, SHALL BE VALID AND BINDING AGAINST ANY PERSON HAVING A CLAIM
AGAINST THE DEPARTMENT, AND SHALL HAVE PRIORITY OVER ANY SUCH CLAIM,
REGARDLESS OF WHETHER THE PERSON HAS NOTICE OF THE DEPARTMENT'S
PLEDGE.
(D) NOTWITHSTANDING ANY OTHER PROVISION OF LAW, THE DEPARTMENT IS
ONLY REQUIRED TO FILE OR RECORD IN THE RECORDS OF THE DEPARTMENT ANY
RESOLUTION, TRUST AGREEMENT, OR OTHER INSTRUMENT THAT CREATES A LIEN
ON, A SECURITY INTEREST IN, OR AN ASSIGNMENT OF:
(1) ANY REVENUES;
(2) ANY RIGHTS TO RECEIVE REVENUES; OR
(3) ANY MONEYS OR SECURITIES IN THE FUNDS AND ACCOUNTS
PLEDGED TO THE BONDS, NOTES, OR OTHER EVIDENCE OF OBLIGATION OF THE
DEPARTMENT.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2002.
Approved May 16, 2002.
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CHAPTER 471
(Senate Bill 535)
AN ACT concerning
The Elderly - Naturally Occurring Retirement Community Demonstration
Program
FOR the purpose of establishing the Naturally Occurring Retirement Community
Demonstration Program; stating the purpose of the Program; requiring the
Secretary of Aging to set certain eligibility criteria, in consultation with certain
parties; requiring the Secretary to take certain actions when administering the
Program; requiring Program applicants to provide certain information and
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- 3764 -
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