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PARRIS N. GLENDENING, Governor
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Ch. 11
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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
CONTAINED IN SECTIONS 9, 10, AND 11 OF ARTICLE 31 (DEBT - PUBLIC) OF THE
ANNOTATED CODE OF MARYLAND. BONDS ISSUED UNDER THE PROVISIONS OF THIS
APPENDIX ARE DECLARED TO BE ISSUED FOR AN ESSENTIAL PUBLIC AND
GOVERNMENTAL PURPOSE AND, TOGETHER WITH INTEREST ON THEM AND INCOME
FROM THEM, ARE EXEMPT FROM ALL TAXES.
(C) BONDS ISSUED UNDER THIS SECTION SHALL BE AUTHORIZED BY
RESOLUTION OR ORDINANCE OF THE LEGISLATIVE BODY OF THE MUNICIPALITY.
THEY MAY BE ISSUED IN ONE OR MORE SERIES AND:
(1) SHALL BEAR A DATE OR DATES;
(2) MATURE AT A TIME OR TIMES;
(3) BEAR INTEREST AT A RATE OR RATES;
(4) BE IN A DENOMINATION OR DENOMINATIONS;
(5) BE IN A FORM EITHER WITH OR WITHOUT COUPON OR REGISTERED;
(6) CARRY A CONVERSION OR REGISTRATION PRIVILEGE;
(7) HAVE A RANK OR PRIORITY;
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- 63 -
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