§ 10-622.5
268 words·~1 min read·
/md/economic-development/10-622-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–622.5.
(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.
(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.
(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.