Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-229
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 4-229
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- County: means a county of the State or Baltimore City. See
- including: means includes or including by way of illustration and not by way of limitation. See
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See - Trustee: A person or institution holding and administering property in trust.
(2) Notwithstanding any other public general law or public local law, charter, or ordinance, an issuer of a local obligation may sell a local obligation to the Administration to finance an infrastructure project:
(i) at private or public sale, with or without public bidding;
(ii) without limitation on the denomination of the local obligation; and
(iii) at any interest rate, cost, or price that the issuer considers necessary or desirable.
(3) The issuer of a local obligation may pay any fee or charge necessary for the Administration to:
(i) sell bonds, notes, or other obligations of the Administration;
(ii) provide the financial assistance authorized by § 4-228 of this subtitle;
(iii) provide any other guarantee, credit enhancement, or additional security for a note, bond, or obligation of the Administration; or
(iv) insure obligations of the issuer or of the Administration.
(b) (1) Notwithstanding any other public general law, public local law, charter, or ordinance, to enhance the security or the marketability of the bonds, notes, or obligations of the Administration that are sold to finance an infrastructure project:
(i) a political subdivision may agree with the Administration to pledge any money, including a share of income tax, that the political subdivision is entitled to receive from the State; and
(ii) if a political subdivision is a county, the county may agree with the Administration to pledge, on behalf of a municipal corporation located in the county, any money, including a share of income tax, that the county is entitled to receive from the State.
(2) In accordance with a pledge under paragraph (1) of this subsection, the Comptroller and the State Treasurer shall cause the money pledged to be paid to the Administration or a trustee that the Administration designates.