§ 13-1115. Bond issues

   (a) Authorized. --

   (1) Subject to this part, the Authority may at any time and from time to time issue bonds for the purposes of this subtitle to obtain funds to provide financial assistance for or otherwise support a certified heritage area.

   (2) The Authority may issue the bonds only if it determines that the issuance is necessary to achieve the purposes of this subtitle.

   (3) The Authority may not issue tax-exempt private activity bonds that are subject to the volume cap under § 146 of the Internal Revenue Code.

   (4) The Board of Public Works may not approve the issuance of bonds by the Authority that will result in more than $ 15,000,000 in an aggregate outstanding and unpaid principal balance of bonds for the Authority at any time.

(b) Approval of Board of Public Works. --

   (1) The Authority shall submit each proposed issue of bonds to the Board of Public Works and shall obtain the approval of the Board of Public Works for the proposed issue prior to sale of the bonds.

   (2) In submitting a proposal to issue bonds to the Board of Public Works, the Authority shall identify the source of revenue that supports the debt service on the bonds.

(c) Resolution; trust agreement. -- The Authority:

   (1) Shall by resolution authorize any bonds that it issues; and

   (2) May secure the bonds by a trust agreement between the Authority and a corporate trustee or trustees, which may be any trust company or bank that has the powers of a trust company within or without the State.

(d) Scope of authority. -- Except as otherwise expressly required by this subtitle, the Authority may issue the bonds or notes without:

   (1) Obtaining the consent of any other unit of State government;

   (2) Any proceedings; or

   (3) The occurrence of any conditions.

HISTORY: 1996, ch. 601, § 1.