(a) This subtitle shall be liberally construed to carry out its purposes. (b) The purpose of this subtitle is to authorize the Commission to issue bonds in a manner that provides flexibility without imposing additional debt burdens on the assessable tax base of the sanitary district, so as to yield overall savings to the residents of the […]
(a) The Commission may issue and sell revenue bonds to finance or refinance any of the Commission’s costs of a project authorized under this division. (b) (1) Revenue bonds may finance: (i) necessary expenses of preparing, printing, selling, and issuing the bonds; (ii) funding of reserves; (iii) payment of interest related to financing a project in the amounts and for the […]
Bonds issued under this subtitle are negotiable instruments under the laws of the State.
(a) The Commission may sell bonds issued under this subtitle: (1) at public or private sale; and (2) in a manner and for a price that the Commission determines to be in the best interests of the Commission. (b) Sections 19–205 and 19–206 of the Local Government Article do not apply to the issuance and sale of bonds authorized […]
(a) The proceeds of each bond issuance under this subtitle shall be used solely for the projects for which the bonds were issued. (b) The proceeds shall be distributed in the same manner and under any restrictions stated in: (1) the authorizing resolution of the Commission; or (2) the trust agreement securing the bonds. (c) (1) If the proceeds of the […]
As determined by the Commission, bonds issued under this subtitle may be secured by or made payable from: (1) letters of credit; (2) lines of credit; (3) bond purchase agreements; (4) bond insurance policies; (5) guaranty agreements; and (6) similar credit arrangements.
(a) The Commission may provide by resolution for the issuance of revenue refunding bonds to refund bonds issued under this subtitle. (b) To the extent applicable, revenue refunding bonds issued under this section shall conform to the requirements of this subtitle.
Bonds issued under this subtitle are not subject to the limitations of §§ 22–102(b) and 22–1035 of this title.
(a) The Commission may enter into a trust agreement to secure bonds issued under this subtitle. (b) The trustee under the trust agreement may be a bank or trust company that has the powers of a trust company in or outside the State. (c) The trust agreement may pledge or assign all revenues from one or more projects […]
(a) Bonds issued under this subtitle, including their interest and any profit from their sale or exchange, are exempt from taxation by the State and its counties and municipalities. (b) If bonds are issued under this subtitle with the expectation that their interest may be excluded from the gross income of the bondholders, the Commission shall enter […]
