Maryland Code, NATURAL RESOURCES 3-910
Terms Used In Maryland Code, NATURAL RESOURCES 3-910
- Bonds: means all bonds, bond anticipation notes, revenue anticipation notes, grant anticipation notes, or other evidences of indebtedness of the Authority, whether general or limited obligations of the Authority. See
- including: means includes or including by way of illustration and not by way of limitation. See
- 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.
- Person: means any natural person, corporation, firm, partnership, cooperative, or other entity. See
- project: includes (without limitation) land, buildings, structures, machinery, equipment, rail or motor vehicles, barges, boats, and all properties and rights therein and appurtenances thereof, rights-of-way, franchises, easements and other interests in land, all land and facilities which are functionally related and subordinate to the project and all patents, licenses and other rights necessary or useful in the construction or operation of a project. See
- Revenues: means , but is not necessarily limited to, all money received by the Authority from or in connection with any project, including (without limitation) grants, rentals, rates, fees, charges for the use of the services furnished or available and all other income inuring to the Authority; provided that the Authority, from time to time, may further define or limit the term "revenues" as applied to a particular project, financing, or other matter. See
- Subdivision: means any county, municipal corporation, sanitary district, State or local agency, or other public body or agency created or established by or pursuant to State or local law, ordinance, or resolution. See
(a) To issue, prior to the preparation of definitive bonds, interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds have been executed and are available for delivery.
(b) To issue and sell its bond anticipation notes, the principal of and interest on such notes to be made payable to the bearer or registered holder thereof out of the first proceeds of sale of bonds therein designated and to issue and to sell its revenue anticipation notes or grant anticipation notes, the principal of and interest on such notes to be made payable to the bearer or registered holder thereof out of the first receipts of the revenues or grants (as the case may be) therein designated. The authorizing resolution may make provision for the issuance of such notes in series as funds are required and for the renewal of such notes at maturity with or without resale. The issuance of such notes and the details thereof, the rights of the holders thereof, and the rights, duties, and obligations of the Authority in respect thereto, shall be governed by the provisions of this subtitle relating to bonds, insofar as the same may be applicable.
(c) To issue and sell its revenue bonds in the nature of industrial development bonds, whether the bonds be pollution control revenue bonds, solid waste disposal revenue bonds or other types of industrial development revenue bonds, for the purpose of borrowing money to lend to any person or subdivision for the accomplishment by such person or subdivision of a project or projects. The principal of and interest on such bonds may be made payable to the bearer or registered holder thereof out of:
(1) The revenues received by the Authority from such person or subdivision or otherwise received in connection with such project;
(2) Any property pledged or mortgaged as security for such bonds; or
(3) Any other sources designated by the Authority. The authorizing resolution may make provision for the issuance of such bonds in series as funds are required. The issuance of such bonds and the details thereof, the rights of the holders thereof, and the rights, duties, and obligations of the Authority in respect thereto shall be governed by the provisions of this subtitle relating to the bonds, insofar as the same may be applicable. The Authority, however, in its discretion, may make or approve such provisions in connection with the issuance of the bonds authorized by this paragraph, including (without limitation) the security for such bonds, the priority of the bonds with regard to such security (which priority may be senior, or subordinated to, or on a parity with, other obligations) as the Authority may deem necessary or appropriate to effectuate the acquisition, construction or provision of a project by any person or subdivision; provided, however, that the Authority shall not have power to take any action in connection with the issuance of bonds pursuant to this paragraph which would create any obligation on the part of any subdivision without the consent of such subdivision to such obligation.