§ 10-117. Powers -- Debt

   (a) In general. -- The Corporation may:

   (1) borrow money and issue bonds to finance any part of the cost of a project or for any other corporate purpose of the Corporation;

   (2) secure the payment of any portion of the borrowing by pledge of or mortgage or deed of trust on property or revenues of the Corporation;

   (3) combine projects for financing, make agreements with or for the benefit of the bondholders or with others in connection with the issuance or future issuance of bonds, as the Corporation considers advisable; and

   (4) otherwise provide for the security of bonds and the rights of bondholders.

(b) Additional powers. -- In addition to the powers of the Corporation under subsection (a) of this section, for the purpose of funding the purchase or condemnation by the State for public use of the property as authorized by § 11-520 and 11-521 of the Business Regulation Article, the Corporation may borrow money and issue bonds to finance the cost of acquiring by purchase or completing the condemnation process by the State in accordance with applicable legal standards.

HISTORY: An. Code 1957, art. 83A, § 5-205(12); 2008, ch. 306, § 2; 2009, ch. 3.