§ 4-229. Infrastructure financing -- Local obligations

   (a) Rights of issuers. --

   (1) If the Administration purchases a local obligation, the procedures and requirements for the issuance or sale of the local obligation shall be as provided in § 4-230 through 4-233 of this subtitle.

   (2) Notwithstanding any other public general law or public local law, charter, or ordinance, an issuer of a local obligation may sell a local obligation to the Administration to finance an infrastructure project:

      (i) at private or public sale, with or without public bidding;

      (ii) without limitation on the denomination of the local obligation; and

      (iii) at any interest rate, cost, or price that the issuer considers necessary or desirable.

   (3) The issuer of a local obligation may pay any fee or charge necessary for the Administration to:

      (i) sell bonds, notes, or other obligations of the Administration;

      (ii) provide the financial assistance authorized by § 4-228 of this subtitle;

      (iii) provide any other guarantee, credit enhancement, or additional security for a note, bond, or obligation of the Administration; or

      (iv) insure obligations of the issuer or of the Administration.

(b) Pledge of local money. --

   (1) Notwithstanding any other public general law, public local law, charter, or ordinance, to enhance the security or the marketability of the bonds, notes, or obligations of the Administration that are sold to finance an infrastructure project, a political subdivision may agree with the Administration to pledge any money, including a share of income tax, that the political subdivision is entitled to receive from the State.

   (2) In accordance with a pledge under paragraph (1) of this subsection, the Comptroller and the State Treasurer shall cause the money pledged to be paid to the Administration or a trustee that the Administration designates.

HISTORY: An. Code 1957, art. 83B, § 2-204(16)(ii), (iii); 2005, ch. 26, § 2.