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 12-603 – Cooperation With State Public Bodies
A State public body has the same rights and powers to cooperate with authorities in the development or administration of projects to make safe and sanitary housing available for military personnel that the State public body has under this Division II to assist in the development or administration of housing projects for persons of eligible […]
Section 12-312 – Loans and Donations to Code Authority
(a) (1) When a code authority becomes authorized to do business and exercise its powers, the political subdivision: (i) immediately shall estimate the amount of money necessary for the administrative expenses and overhead of the code authority during the first year thereafter; and (ii) shall appropriate that amount to the code authority out of money in the political subdivision’s […]
Section 12-604 – Bonds
Bonds issued by an authority for a project developed or administered under this subtitle are legal investments to the same extent and for the same bodies and officers as bonds issued under any other section of this Division II to develop a housing project for persons of eligible income.
Section 12-401 – Statement of Policy
(a) It is State policy that an authority: (1) shall manage and operate its housing projects efficiently to enable it to fix the rent for housing units at the lowest rates consistent with its providing decent, safe, and sanitary housing units and meeting the financial needs under subsection (b) of this section; but (2) may not operate for […]
Section 12-605 – Subtitle as Independent Authorization to Develop or Administer Housing for Military Personnel
(a) This subtitle is an independent authorization for an authority to: (1) develop or administer projects to make safe and sanitary housing available for military personnel as provided in this Division II; and (2) cooperate with, or act as agent for, the federal government in the development or administration of similar projects by the federal government. (b) Except for […]