§ 12-701

Maryland § 12-701

• Jurisdiction: Maryland
• Article ghs: Housing and Community Development
• Title: 12

Text

(a) 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) To secure any of its bonds, an authority may pledge any revenue or mortgage a housing project or other property of the authority.