HARRY HUGHES, Governor

1999

(b) (1) The consideration to be paid by the tenant for
the industrial project may be nominal.

(2) The agreement made under this section is not
subject to any law that requires public sale.

PART VI. FINANCING THE ACQUISITION OF
INDUSTRIAL PROJECTS

13-148.

IN ADDITION TO ANY OTHER POWERS SET FORTH IN THIS
SUBTITLE, THE AUTHORITY MAY FINANCE THE ACQUISITION OF ONE
OR MORE INDUSTRIAL PROJECTS.

13-149.

(A)  THE AUTHORITY SHALL HAVE THE POWER AND AUTHORITY
TO ISSUE AND SELL BONDS AND, AS ITS LIMITED OBLIGATIONS,
PAYABLE SOLELY FROM THE REVENUES OF THE AUTHORITY, AT ANY
TIME AND FROM TIME TO TIME. THE AUTHORITY SHALL ALSO HAVE
THE POWER AND AUTHORITY TO USE THE PROCEEDS THEREOF TO
FINANCE THE ACQUISITION OF ONE OR MORE INDUSTRIAL PROJECTS,
INCLUDING THE NECESSARY EXPENSES OF PREPARING, PRINTING,
SELLING AND ISSUING THOSE BONDS, THE FUNDING OF RESERVES,
AND THE PAYMENT OF INTEREST FOR FINANCING SUCH ACQUISITION,
IN THE AMOUNTS AND FOR WHATEVER PERIODS THE AUTHORITY
CONSIDERS APPROPRIATE. THE AUTHORITY MAY ISSUE ITS BONDS
WITHOUT OBTAINING THE CONSENT OF ANY OTHER UNIT OF STATE
GOVERNMENT, AND WITHOUT ANY PROCEEDINGS, OR THE OCCURRENCE
OF ANY CONDITIONS, OTHER THAN THOSE EXPRESSLY REQUIRED BY
THIS SUBTITLE; HOWEVER, AT NOT TIME SHALL THE OUTSTANDING
PRINCIPAL AND INTEREST ON BONDS ISSUED AND LOANS INSURED BY
THE AUTHORITY EXCEED $125,000,000. PROVIDED, THAT PRIOR TO
THE ISSUANCE OF ANY BONDS BY THE AUTHORITY, THE AUTHORITY
SHALL NOTIFY THE STATE BOARD OF PUBLIC WORKS OF ITS
INTENTION TO ISSUE THE BONDS UP TO A STATED AMOUNT AND THE
BOARD OF PUBLIC WORKS MAY COORDINATE THE ISSUANCE OF THE
BONDS WITH ANY INTENDED ISSUANCE OF BONDS OF THE STATE, ITS
AGENCIES, AND PUBLIC INSTRUMENTALITIES. THE AUTHORITY SHALL
HAVE THE POWER AND AUTHORITY TO FIX, CHARGE, AND COLLECT THE
PRINCIPAL, INTEREST AND PREMIUMS, IF ANY, ON ANY LOAN MADE
FROM THE PROCEEDS OF THE SALE OF THE BONDS, AT RATES
DETERMINED BY THE AUTHORITY, FOR THE PURPOSE OF PROVIDING
FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE
BONDS. REPAYMENT OF ANY LOAN MADE BY THE AUTHORITY UNDER
THIS SUBTITLE SHALL BE SECURED BY A FIRST LIEN OR SECURITY
INTEREST ON PROPERTY OF THE BORROWER, OR IF THE AUTHORITY
DETERMINES, THE AUTHORITY MAY ACCEPT OTHER COLLATERAL SUCH
AS A JUNIOR LIEN OR SECURITY INTEREST, A GUARANTY OF
REPAYMENT, OR A PLEDGE OF A BORROWER'S ASSETS OR REVENUES.

(B)  EVERY ISSUANCE OF BONDS SHALL BE PURSUANT TO A
DETERMINATION OF THE AUTHORITY THAT THE ISSUANCE IS
NECESSARY TO ACHIEVE ONE OR MORE PURPOSES OF THE AUTHORITY.