Section 13-1023 – Liability; Enforcement of Rights
(a) No member of the Authority nor any person executing the bonds shall be liable personally on the bonds or subject to any personal liability by reason of the issuance of the bonds. (b) Except as otherwise provided by an applicable resolution or trust agreement, a holder of bonds issued under this subtitle, or a trustee acting […]
Section 13-1024 – Refunding Bonds
(a) The Authority may issue bonds to refund any of its bonds then outstanding, including the payment of any redemption premium and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase, or maturity of the bonds. (b) Refunding bonds may be issued: (1) (i) For the public purposes of realizing savings in […]
Section 13-1025 – Agreements to Enhance Marketability or to Provide Security; Investments in Bonds
(a) The Authority may enter into agreements with agents, banks, insurers, or others for the purpose of enhancing the marketability of, or as a security for, its bonds. (b) Any financial institution, investment company, insurance company or association, and any personal representative, guardian, trustee, or other fiduciary, may legally invest any money belonging to them or within […]
Section 13-1026 – Tax Exemption
The bonds of the Authority, their transfer, the interest payable on them, and any income derived from them, including any profit realized in their sale or exchange, are exempt at all times from every kind of taxation by this State or by any of its political subdivisions, municipal corporations, or public agencies.
Section 13-1027 – Additional Exemptions
The Authority is exempt: (1) From the payment of taxes or assessments of any kind; (2) Except as provided in Title 12, Subtitle 4 and Title 14, Subtitle 3 of the State Finance and Procurement Article, from the provisions of Division II of the State Finance and Procurement Article; and (3) From the provisions of Division I of […]
Section 13-1028 – Financial Assistance
For purposes of applying for, receiving, and entering into agreements in connection with loans, grants, insurance, or other forms of financial assistance, the Authority is a public body within the meaning of the Maryland Industrial Development Financing Authority Act.
Section 13-1013 – Management Plan — Approval or Disapproval of Plan by Maryland Historical Trust
(a) Within 90 days after receipt from the Authority of a management plan, the Maryland Historical Trust shall approve or disapprove the plan. (b) (1) Unless the Maryland Historical Trust determines that a management plan would adequately carry out the purposes of this subtitle, it may not approve the management plan. (2) In considering whether to approve a management […]
Section 13-1014 – Expenditure Prerequisites
(a) Except as provided in subsection (b) of this section and notwithstanding any power vested in the Authority by this subtitle, the Authority may not make any expenditure until: (1) The Maryland Historical Trust approves a management plan for the Heritage Area; (2) The management plan has been adopted by the Authority; (3) The Mayor and City Council of […]
Section 13-1015 – Proposed Activities Affecting Property Within Park Corridor
The City of Cumberland shall submit to the Authority for review and approval any plan for any activity the City proposes to conduct, assist, license, or permit that will affect property within the park corridor: (1) After the Authority’s adoption of a management plan for the Heritage Area in accordance with this subtitle; and (2) Before the […]
Section 13-1002 – Findings
The General Assembly makes the following findings: (1) The Chesapeake and Ohio Canal is one of the great historic waterways of the United States extending 185 miles from Georgetown in the District of Columbia to its western terminus in Cumberland, Maryland; (2) The current physical condition of the Chesapeake and Ohio Canal in the City of Cumberland […]