§ 12-701
134 words·~1 min read·
/md/housing-and-community-development/12-701A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§12–701.
(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 these proceeds and a grant from the State or federal government in aid of the housing project;
(ii)only from the income and revenues of designated housing projects whether or not they were financed wholly or partly with the proceeds of the bonds; or
(iii)from its revenues generally.
(b)To secure any of its bonds, an authority may pledge any revenue or mortgage a housing project or other property of the authority.