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 12-702 – 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 12-505 – Exemption From State Law on Property Transactions
Unless the General Assembly specifically states otherwise, State law on the financing, acquisition, operation, or disposition of property by other State public bodies does not apply to an authority.
Section 12-506 – Cooperation Among Authorities and State Public Bodies on Housing Projects
(a) Two or more authorities may join or cooperate with one another in the exercise of any power under this subtitle to finance, plan, undertake, construct, or operate a housing project or housing projects in the area of operation of any one or more of them. (b) To aid and cooperate in the planning, undertaking, construction, or […]
Section 12-507 – Housing Projects Taken Over by State Public Body From Federal Government
A State public body may not require changes to be made in a housing project or the manner of its construction or take any other action relating to the construction if the authority: (1) has acquired or taken over the housing project from the federal government; and (2) has found and declared by resolution that the housing […]
Section 12-601 – Development and Administration of Projects for Military Housing by Authorities
(a) An authority may develop and administer projects to make safe and sanitary housing available for military personnel. (b) (1) An authority has all the rights, powers, privileges, and immunities under this subtitle that it has under any law relating to the ownership, development, or administration of housing projects for persons of eligible income. (2) Except as otherwise provided […]
Section 12-602 – Cooperation With Federal Government
An authority may: (1) exercise its powers to cooperate with, or act as agent for, the federal government in the development or administration of projects by the federal government to make safe and sanitary housing available for military personnel; and (2) develop or administer such a project for the federal government.