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Martin O'Malley, Governor
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H.B. 1365
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SECURED BY AN AGREEMENT BETWEEN THE ISSUER AND THE FEDERAL
GOVERNMENT IN WHICH THE ISSUER AGREES TO BORROW FROM THE FEDERAL
GOVERNMENT AND THE FEDERAL GOVERNMENT AGREES TO LEND TO THE
ISSUER, PRIOR TO THE MATURITY OF THE BONDS OR OTHER OBLIGATIONS,
MONEYS IN AN AMOUNT WHICH (TOGETHER WITH ANY OTHER MONEYS
COMMITTED IRREVOCABLY TO THE PAYMENT OF PRINCIPAL AND INTEREST ON
THE BONDS OR OTHER OBLIGATIONS) WILL SUFFICE TO PAY THE PRINCIPAL OF
THE BONDS OR OTHER OBLIGATIONS WITH INTEREST TO MATURITY ON THEM.
THE MONEYS UNDER THE TERMS OF THE AGREEMENT SHALL BE REQUIRED TO
BE USED FOR THE PURPOSE OF PAYING THE PRINCIPAL OF AND THE INTEREST
ON THE BONDS OR OTHER OBLIGATIONS AT THEIR MATURITY. THE BONDS AND
OTHER OBLIGATIONS SHALL BE AUTHORIZED SECURITY FOR ALL PUBLIC
DEPOSITS. THIS SECTION AUTHORIZES ANY PERSONS OR PUBLIC OR PRIVATE
POLITICAL SUBDIVISIONS AND OFFICERS TO USE ANY FUNDS OWNED OR
CONTROLLED BY THEM FOR THE PURCHASE OF ANY BONDS OR OTHER
OBLIGATIONS. WITH REGARD TO LEGAL INVESTMENTS, THIS SECTION MAY NOT
BE CONSTRUED TO RELIEVE ANY PERSON OF ANY DUTY OF EXERCISING
REASONABLE CARE IN SELECTING SECURITIES.
A1-113. SHORT TITLE.
THIS APPENDIX SHALL BE KNOWN AND MAY BE CITED AS THE BROOKVIEW
URBAN RENEWAL AUTHORITY FOR SLUM CLEARANCE ACT.
A1-114. AUTHORITY TO AMEND OR REPEAL.
THIS APPENDIX, ENACTED PURSUANT TO ARTICLE III, SECTION 61 OF
THE MARYLAND CONSTITUTION, MAY BE AMENDED OR REPEALED ONLY BY THE
GENERAL ASSEMBLY OF MARYLAND.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2007.
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May 17, 2007
The Honorable Michael E. Busch
Speaker of the House
State House
Annapolis, MD 21401
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- 4869 -
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