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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION II. INDEPENDENT AND REGIONAL DEVELOPMENT UNITS AND RESOURCES |
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TITLE 10. STATEWIDE DEVELOPMENT RESOURCES AND REVENUE AUTHORITIES |
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SUBTITLE 3. MARYLAND HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY |
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PART IV. MARYLAND HOSPITAL BOND PROGRAM |
§ 10-349. Bond issuance
Latest version.
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(a) In general. -- The Authority may issue bonds to finance or otherwise provide for the payment of public obligations or closure costs of a hospital in accordance with a plan developed under § 10-348 of this subtitle.
(b) Requirements. -- The bonds issued under subsection (a) of this section shall:
(1) be payable from the fees provided under § 10-350 of this subtitle or from other sources provided in the plan;
(2) be authorized, sold, executed, and delivered in accordance with this subtitle; and
(3) have terms consistent with constitutional and other legal requirements.
(c) Assignment of rights. -- In connection with the issuance of any bond, the Authority may assign its rights under a loan, lease, or other financing agreement between the Authority or any other issuer of a public obligation and the closed or delicensed hospital to the State or a State unit in consideration for the payment of a public obligation as provided in this part.