Ch. 467

2004 LAWS OF MARYLAND

(E) AN INSURED AGRICULTURAL LOAN IS IN DEFAULT WHEN THE HOLDER OF
THE LOAN APPLIES TO THE CORPORATION FOR PAYMENT OF INSURANCE ON THE
LOAN STATING THAT THE LOAN IS IN DEFAULT IN ACCORDANCE WITH THE TERMS
OF ANY AGREEMENT WITH RESPECT TO THE INSURANCE EXECUTED IN
ACCORDANCE WITH THIS SECTION.

(F)  THE CORPORATION MAY ENTER INTO AGREEMENTS WITH ANY PERSON,
LENDING INSTITUTION, OR HOLDER OF AN INSURED AGRICULTURAL LOAN ON
TERMS THAT MAY BE AGREED ON BETWEEN THE CORPORATION AND THE PERSON,
LENDING INSTITUTION, OR HOLDER, TO:

(1)   PROVIDE FOR THE ADMINISTRATION, APPLICATION, AND
REPAYMENT OF THE LOAN; AND

(2)   ESTABLISH THE CONDITIONS FOR PAYMENT OF INSURANCE BY THE
CORPORATION, AND THE SERVICING, SUIT ON, OR FORECLOSURE OF THE LOAN.

(G)  (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION, THE
AGGREGATE VALUE OF ALL AGRICULTURAL LOANS INSURED BY THE CORPORATION
AND OUTSTANDING AT ANY ONE TIME MAY NOT EXCEED 20 TIMES THE TOTAL VALUE
OF FUNDS, INVESTMENTS, PROPERTIES, AND OTHER ASSETS OF THE CORPORATION.

(2) THE AGGREGATE VALUE OF AGRICULTURAL LOANS INSURED AND
OUTSTANDING MAY BE FURTHER EXPANDED BY USE OF FEDERAL, STATE, OR
PRIVATE LOAN INSURANCE, REINSURANCE, OR GUARANTEES OF WHICH THE
CORPORATION IS OR SHALL BECOME THE BENEFICIARY.

13-510.

(A) THE CORPORATION MAY PROVIDE BY RESOLUTION FOR THE ISSUANCE AT
ONE TIME, OR IN SERIES FROM TIME TO TIME, OF REVENUE BONDS OF THE
CORPORATION TO FINANCE OR REFINANCE ALL OR A PART OF THE COSTS OF A
PROJECT, AND FOR OTHER PURPOSES OF THE CORPORATION STATE IN THIS
SUBTITLE.

(B)   (1) THE BONDS SHALL BE DATED, SHALL BEAR INTEREST AT A RATE OR
RATES, AND SHALL MATURE AT A TIME OR TIMES NOT EXCEEDING 40 YEARS FROM
THE DATE OR DATES OF THEIR RESPECTIVE ISSUES, AS THE CORPORATION MAY
DETERMINE, AND MAY BE SOLD AT THE PRICE OR PRICES AND UNDER THE TERMS
AND CONDITIONS FIXED BY THE CORPORATION BEFORE ISSUING THE BONDS.

(2) THE PROCEEDS OF ANY BONDS MAY BE PLACED IN ESCROW
PENDING APPLICATION OF THE PROCEEDS TO THE PURPOSES FOR WHICH THE
BONDS ARE ISSUED.

(C)   (1) (I) THE BONDS MAY NOT BE DEEMED TO CONSTITUTE A DEBT,
LIABILITY, OR A PLEDGE OF THE FULL FAITH AND CREDIT OF THE STATE OR OF ANY
POLITICAL SUBDIVISION OF THE STATE OTHER THAN THE CORPORATION.

(II) THE BONDS SHALL BE PAYABLE SOLELY FROM THE FUNDS
PROVIDED IN THIS SECTION.

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