Section 10-315 - Powers - Projects. - Maryland Statutes

§ 10-315. Powers - Projects.
 

(a)  In general.- The Authority may: 

(1) (i) acquire, directly or through a participating institution acting as its agent, by purchase, gift, or devise, any property, franchises, and other interests in land, including submerged land and riparian rights, located in or outside the State, as necessary or convenient to construct, acquire, or operate a project, on terms and at prices the Authority considers reasonable; and 

(ii) take title to the property in the name of the Authority or the participating institution as its designated agent; 

(2) determine the location and character of a project to be financed under this subtitle, or designate a participating institution as its agent to do so; 

(3) directly, or through a participating institution acting as its designated agent, acquire, improve, maintain, operate, lease as lessee or lessor, and regulate a project, and enter into contracts for any of these purposes and for the management of a project; 

(4) fix and collect rates, rentals, fees, and charges for services and facilities that a project provides or makes available; 

(5) directly, or through a participating institution acting as its designated agent, establish rules and regulations for the use of a project; 

(6) mortgage, pledge, or otherwise encumber a project and its site or hold a mortgage or other encumbrance on a project and its site for the benefit of the holders of bonds issued to finance the project; and 

(7) make a loan to a participating institution to: 

(i) improve or acquire a project in accordance with an agreement between the Authority and the participating institution; 

(ii) refinance any part of a project; and 

(iii) refund or repay bonds, mortgages, advances, loans, or other obligations of the participating institution to the Authority, any person, or any unit of federal, State, or local government incurred to finance any part of a project. 

(b)  Joint project.- The Authority may undertake a joint project for two or more participating institutions. 

(c)  Limitation.- A loan from the Authority to a participating institution under subsection (a)(7)(i) of this section may not exceed the total cost of the project as determined by the participating institution and approved by the Authority. 
 

[An. Code 1957, art. 43C, §§ 5(a)(5), (7), (8), (11)-(13), (b), 7; 2008, ch. 306, § 2.]