Home Table of Contents

§ 10-622.5. Bonds

West's Annotated Code of MarylandEconomic DevelopmentEffective: July 1, 2019

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 10. Statewide Development Resources and Revenue Authorities (Refs & Annos)
Subtitle 6. Maryland Stadium Authority (Refs & Annos)
Part III. Powers (Refs & Annos)
Effective: July 1, 2019
MD Code, Economic Development, § 10-622.5
§ 10-622.5. Bonds
Currentness
In general
(a) Except as allowed by § 10-639 of this subtitle, the Authority may issue bonds subject to §§ 10-628(a) and (c) and 10-629 through 10-636 of this subtitle to finance site acquisition for and construction of any portion of a supplemental facility.
Comprehensive financing plan
(b) The Authority shall provide to the fiscal committees of the General Assembly, at least 45 days before seeking approval of the Board of Public Works for each bond issue or other borrowing, a comprehensive financing plan for the relevant segment of a supplemental facility, including the effect of the financing plan on financing options for other segments of the supplemental facility.
Characteristics of bonds
(c)(1) A bond issued to finance a supplemental facility:
(i) is a limited obligation of the Authority payable solely from money pledged by the Authority to the payment of the principal of and the premium and interest on the bond or money made available to the Authority for that purpose;
(ii) is not a debt, liability, or pledge of the faith and credit or the taxing power of the State, the Authority, or any other governmental unit; and
(iii) may not give rise to any pecuniary liability of the State, the Authority, or any other governmental unit.
(2) The issuance of a bond to finance a supplemental facility is not directly, indirectly, or contingently a moral or other obligation of the State, the Authority, or any other governmental unit to levy or pledge any tax or to make an appropriation to pay the bond.
(3) Each bond shall state on its face the provisions of paragraphs (1) and (2) of this subsection.

Credits

Added by Acts 2019, c. 221, § 1, eff. July 1, 2019.
MD Code, Economic Development, § 10-622.5, MD ECON DEV § 10-622.5
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document