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 13-1018 – Bond Issues
(a) Subject to this part, the Authority may at any time and from time to time issue bonds for any corporate purpose, including the establishment of reserves and the payment of interest. (b) The Authority: (1) Shall by resolution authorize any bonds that it issues; and (2) May secure the bonds by a trust agreement between the Authority and […]
Section 13-1019 – Bonds Payable From Receipts of Authority
The bonds of any issue shall be payable solely from the property or receipts of the Authority, including, without limitation: (1) Fees, charges, or other revenues payable to the Authority; (2) Payments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements; (3) Investment earnings from funds or […]
Section 13-1020 – Requirements of Bonds Issued
The bonds that the Authority issues shall: (1) Be issued at, above, or below par value, for cash or other valuable consideration, and mature at a time or times, whether as serial bonds or as term bonds or both, not exceeding the maturity date established by the Authority; (2) Bear interest at the fixed or variable rate […]
Section 13-1021 – Resolutions or Trust Agreements
(a) Any resolution or trust agreement the Authority adopts or enters into under § 13-1018(b) of this subtitle may contain provisions that: (1) Pledge, assign, or direct the use, investment, or disposition of all or a portion of the receipts of the Authority or all or a portion of the proceeds or benefits of any contract and […]
Section 13-1022 – Pledge of Revenues as Security for Issue of Bonds
(a) A pledge by the Authority of revenues as security for an issue of bonds shall be valid and binding from the time when the documents evidencing the pledge are executed by the Authority. (b) (1) The revenues that the Authority pledges are immediately subject to the lien of the pledge without any physical delivery or further act. […]