Section 12-701 - Power to issue and secure bonds. - Maryland Statutes

§ 12-701. Power to issue and secure bonds.
 

(a)  Issuing bonds.- 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)  Securing bonds.- To secure any of its bonds, an authority may pledge any revenue or mortgage a housing project or other property of the authority. 
 

[An. Code 1957, art. 44A, § 1-501(a); 2006, ch. 63, § 2.]