§ 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.

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