Section 4-244 – Powers of Administration
(a) The Administration may provide financial assistance, meet any development cost, or carry out any other of its purposes by spending: (1) money appropriated by the General Assembly; (2) the proceeds of a State loan to the extent provided by the General Assembly or a governmental unit authorized to issue bonds; (3) the proceeds of the bonds, notes, or […]
Section 4-245 – Authority to Borrow Money and Issue Bonds or Notes
(a) (1) The Administration may: (i) borrow money and issue bonds or notes; and (ii) use the proceeds or the earnings from the investment of the proceeds to provide money to: 1. make, purchase, or participate in making mortgage loans or other loans; 2. purchase securities backed by mortgage loans or other loans; 3. purchase local obligations; 4. meet any development cost; or […]
Section 4-246 – Renewal and Refunding
(a) By written determination, the Administration may provide for the issuance of notes to renew its notes, and bonds to pay its notes or to fund or refund its bonds, whether or not the bonds to be refunded have matured, including the payment of any redemption premium and any interest accrued or to accrue on the […]
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 […]
Section 4-233.1 – Capital Reserve Fund
(a) (1) In this section the following words have the meanings indicated. (2) “Capital reserve fund” means a reserve fund created under this section. (3) “Minimum capital reserve requirement” means the minimum capital reserve amount established by the Administration for a capital reserve fund in connection with the issuance of bonds, notes, or other obligations of the Administration in […]