(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 […]
(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 […]
(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 […]
(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 […]
(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 […]
(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 […]
(a) A bond or note issued by the Administration under this part is a legal and proper investment for: (1) a public officer, a political subdivision, or a governmental unit; (2) a bank, trust company, savings and loan association, investment company, or other person doing a banking business; (3) an insurance company, insurance association, or other person doing an […]
(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 […]
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 […]
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.
