Section 4-251 – Bonds and Notes Not State Debts
(a) A bond or note issued under this part: (1) is not a debt of and does not pledge the faith, credit, or taxing power of the State, the Administration, or a political subdivision; but (2) is payable only from the revenues and property provided for in this subtitle. (b) Each bond or note shall state on its face […]
Section 4-252 – Tax-Exempt Status
The following are exempt at all times from taxation of every kind and nature whatsoever by the State, a political subdivision, or a governmental unit of any kind: (1) a bond or note that the Administration issues under this part; (2) the transfer of, interest payable on, or income derived from the bond or note; and (3) profit […]
Section 4-253 – Interest Rate Exchange Agreements
To improve the management of debt issued under the provisions of this part or to reduce the cost of servicing the debt, the Administration may enter into interest rate exchange agreements or contracts providing for payments based on levels of or changes in interest rates.
Section 4-255 – False Statements or Reports
(a) A person may not knowingly make or cause to be made a false statement or report in a document required to be submitted to the Administration by an agreement relating to a loan. (b) A person applying for a loan may not knowingly make or cause to be made a false statement or report to influence […]
Section 4-232 – Authorization of Resolution or Ordinance
(a) (1) Each ordinance or resolution enacted under this section: (i) shall be adopted by the governing body of the issuer; (ii) shall be approved by the chief executive officer, if any, of the issuer; and (iii) shall have the force of law. (2) Except as provided in subsection (b) of this section, an ordinance, a resolution, or the question of […]
Section 4-247 – Trust Agreement
(a) (1) Bonds or notes that the Administration issues may be secured by a trust agreement between the Administration and a trustee that is in or out of the State. (2) A trustee shall be a trust company or a bank with trust powers. (b) A trust agreement or a determination authorizing the issuance of bonds or notes may […]
Section 4-232.1 – Pledge by County to Secure Local Obligations
(a) Each issuance by a municipal corporation of a local obligation under § 4–230 of this subtitle may be secured by a pledge from the county in which the municipal corporation is located. (b) To secure a local obligation under § 4–230 of this subtitle, a county may pledge on behalf of a municipal corporation located in […]
Section 4-248 – Repayment; Lien
(a) (1) The interest rate or rates on and the terms of any loans and the revenues from the terms of any other assets that are financed from the proceeds of bonds or notes of the Administration, any fees that the Administration charges, and any other available revenues shall be at least sufficient to ensure repayment in […]
Section 4-233 – Pledges Securing Local Obligations
(a) Each issuance of a local obligation under § 4-230 of this subtitle shall be secured by, at the discretion of the Administration, a pledge of the faith and credit of the issuer or a pledge of specific revenue of the issuer or the facility being financed as designated and described in the authorizing ordinance or […]
Section 4-249 – Repurchase; Redemption
(a) Subject to agreements with noteholders or bondholders, the Administration may purchase its notes or bonds with any money available for the purchase. (b) The purchase price may not exceed: (1) the redemption price at the time of the purchase, plus accrued interest to the next interest payment date, if the note or bond is redeemable, at the […]