Section 12-702 – Nature of Bonds
(a) Bonds of an authority are issued for an essential public and governmental purpose. (b) (1) Neither a commissioner of an authority nor a person who executes the bond for an authority is personally liable on the bonds. (2) Neither the State nor a political subdivision is liable on the bonds. (c) The bonds of an authority: (1) are not a […]
Section 12-703 – Bond Authorization, Contents, Sale, and Character
(a) (1) Bonds of an authority shall be authorized by its resolution and may be issued in one or more series. (2) The resolution, the trust indenture, or the mortgage shall provide for the bonds: (i) a date or dates; (ii) the time or times of maturity; (iii) the interest rate or rates; (iv) the denomination or denominations; (v) whether they will be […]
Section 12-704 – Powers of Authority Regarding Bonds and Lease Obligations
(a) In connection with issuing bonds or incurring obligations under leases, and to secure payment of the bonds or obligations, an authority, in addition to its other powers, may: (1) pledge any or all of the gross or net rents, fees, or revenues that are or will become due to it; (2) mortgage any or all of the […]
Section 12-705 – Rights of Obligees
(a) In addition to all other rights that a contract may confer on an obligee of an authority, subject only to binding contractual restrictions, the obligee may: (1) by a writ of mandamus or a proceeding at law or in equity, compel the authority and the authority’s commissioners, officers, agents, or employees to perform each term, provision, […]
Section 12-701 – Power to Issue and Secure Bonds
(a) An authority may: (1) issue bonds for any of its corporate purposes; (2) issue refunding bonds to pay or retire its bonds; and (3) issue any kinds of bonds, including bonds on which the principal and interest are payable: (i) only from the income and revenues of the housing project financed with the proceeds of the bonds or with […]
Section 12-405 – Power of Authority to Vest Rights in Obligee
This subtitle does not limit the power of an authority to vest in an obligee the right, if the authority defaults, to: (1) take possession of a housing project; (2) have a receiver of a housing project appointed; or (3) acquire title to a housing project, through foreclosure or otherwise, free from all restrictions of this subtitle.
Section 12-501 – Status of Authorities
An authority is a public body corporate and politic that: (1) exercises public and essential governmental functions; and (2) has all the powers necessary or convenient to carry out the purposes of this Division II.
Section 12-502 – Enumerated Powers — in General
(a) In addition to any powers set forth elsewhere, an authority has the powers set forth in this section. (b) An authority may: (1) sue and be sued; (2) have and alter a seal at pleasure; (3) have perpetual existence; (4) make contracts and other instruments necessary or convenient to the exercise of the authority’s powers; (5) make, amend, and repeal bylaws, […]
Section 12-503 – Enumerated Powers — Powers Authorized by Articles of Organization
(a) If authorized under its articles of organization, an authority within its area of operation may: (1) make mortgage loans and mortgage subsidy payments to or for the benefit of persons of eligible income; (2) make construction loans and long-term mortgage loans to any person to produce housing for persons of eligible income; (3) purchase mortgages secured by housing […]
Section 12-504 – Enumerated Powers — Effect on Economic Competition
(a) An authority may exercise the powers that are granted by this Division II, even if economic competition is displaced or limited as a result. (b) This section does not preempt or supersede the regulatory authority of a State unit under public general law.