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H.B. 1366
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2007 Vetoed Bills and Messages
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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 SHALL:
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(1)
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BEAR A DATE OR DATES;
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(2)
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MATURE AT A TIME OR TIMES;
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(3)
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BEAR INTEREST AT A RATE OR RATES;
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(4)
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BE IN A DENOMINATION OR DENOMINATIONS;
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- 4882 -
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