§ 18-206. Revenue bonds
West's Annotated Code of MarylandLand UseEffective: October 1, 2012
Effective: October 1, 2012
MD Code, Land Use, § 18-206
§ 18-206. Revenue bonds
(a)(1) To accomplish the purposes under § 18-203(b) of this subtitle, the Commission may issue bonds to finance the cost of revenue-producing facilities in Montgomery County or Prince George's County, including:
(b)(1) The Commission may set and periodically amend fees, rates, rentals, or other charges for the use of the Commission's facilities in Montgomery County or Prince George's County:
(c)(1) The Commission may determine the form, terms and conditions, issuance, and sale and delivery of an obligation issued under this section, including:
(d)(1) The Commission may enter into a trust agreement with, and designate as trustee under the trust agreement, a bank with trust powers, or a trust company, located in or outside the State to secure payment of the principal of and interest on an obligation issued under this section.
(5) The trust agreement may create a security interest for the benefit of the holders of the obligations in the facility that is financed with the proceeds of the obligations, but not in any other facility the revenues from which are pledged by the Commission to the payment of debt service on the obligations.
(6) The trust agreement may provide for the protection of the holders of the obligations if the Commission fails to perform any of the covenants under the agreement, including the right of the trustee to sell any of the facilities at public or private sale and the application of the proceeds of the sale to the payment of the obligations secured by the agreement.
(e)(1) The Commission may apply general funds not otherwise committed to the payment of the principal of and interest on bonds issued under this section, either on maturity or redemption.
(f)(1) The Commission may adopt rules and regulations for the use and enjoyment by the general public of a facility financed under this subsection.
Credits
Added by Acts 2012, c. 426, § 2, eff. Oct. 1, 2012.
MD Code, Land Use, § 18-206, MD LAND USE § 18-206
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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