(a) The Authority may provide by resolution for the issuance of negotiable revenue bonds to pay all or part of the cost or purchase price of one or more projects. The resolution authorizing the issuance of revenue bonds, or the trust indenture, must state the estimated cost or purchase price of the project or projects involved. The revenue bonds must be issued in amounts stated in the resolution.
(b) The principal and interest of revenue bonds must be paid solely from the funds and revenues received by the Authority. No tax, excise or special assessment, except as authorized by this Chapter, may be levied to pay such principal and interest.
(c) The revenue bonds of each issue must be dated, must bear interest at a rate not exceeding the maximum legal rate per annum permitted by law, payable semi-annually, and must mature at such time or times, not exceeding 50 years from their date or dates, as determined by the Authority. The bonds of each issue may be made redeemable before maturity at the option of the Authority at such price or prices and under terms and conditions as may be fixed by the Authority before the issuance of the bonds. The Authority must determine the form of the bonds, including any interest coupons to be attached, and must fix the denomination or denominations of the bonds and the place or places of payment of principal and interest which may be at any bank or trust company within or outside the State. The payment of principal and interest of the bonds may be made in any lawful medium. The Authority must determine the manner of executing the bonds and the manner of executing any interest coupons attached. Execution of these instruments may be by facsimile signature of the chairperson or an authorized member of the Authority. The official seal of the Authority must be affixed to the bonds and they must be attested by the secretary of the Authority. If any officer whose signature appears on any bonds or coupons ceases to be an officer before the delivery of the bonds, the signature of that officer remains valid and sufficient for all purposes, as if that officer had remained in office until delivery.
(d) All revenue bonds issued under this Chapter are negotiable instruments under the negotiable instruments law of this State.
(e) The revenue bonds may be issued in coupon or in registered form, or both, as the Authority may determine. The Authority may provide for the:
(1) registration of any coupon revenue bonds for principal alone, or both principal and interest; and
(2) reconversion into coupon revenue bonds of any revenue bonds registered for both principal and interest.
(f) The Authority may sell revenue bonds in such manner, either at public or private sale, and for such price, as it determines in the best interests of the Authority. However, the sale must not be made at a price so low that requires the payment of interest on the money received at more than the maximum legal rate per annum permitted by law, computed with relation to the absolute maturity of the bonds under standard tables of bond values, excluding, however, from such computation, the amount of any premium to be paid on redemption of any revenue bonds before maturity.
(g) The provisions of Sections 9 to 11, inclusive, of Article 31 of the Annotated Code of Maryland, 1957, as amended, do not apply to the revenue bonds issued by the Authority.
(h) The proceeds of the revenue bonds of each issue must be used solely for the payment of the cost of the project or projects for which the bonds have been issued. The proceeds must be distributed in the same manner and under the restrictions, if any, stated in the resolution of the Authority authorizing the issuance of the bonds, or in any trust agreement securing the bonds. If the proceeds of the bonds of any issue are less than the cost of a project or projects, additional bonds may be issued in the same manner to fund the amount of the deficit. Unless otherwise provided in the resolution authorizing the issuance of the bonds, or in the trust agreement securing the bonds, these additional bonds are considered to be of the same issue and are entitled to payment from the same funds, without preference or priority of the bonds first issued. If the proceeds of the bond of any issue exceed the cost of the project or projects for which the bond is issued, the surplus must be deposited into the sinking fund provided under this Chapter for the payment of principal of and interest on the revenue bonds.
(i) Before definitive revenue bonds are prepared, the Authority may, under similar restrictions, issue interim receipts or temporary bonds, with or without coupons, to be exchanged for definitive bonds when the bonds are executed and are available for delivery. The Authority may also provide, by resolution, for the replacement of any bonds which are mutilated, destroyed, or lost.
(j) The revenue bonds of the Authority may be issued without an election referendum or any other proceedings or the occurrence of any other conditions or events; only those proceedings, conditions or events which are specified and required by this Chapter apply to these bonds, and they are in all respects exempt from other provisions of the County Charter or County laws.
(k) The Authority may provide by resolution for the issuance of revenue refunding bonds to refund any revenue bonds then outstanding and issued under this Chapter. The issuance of revenue refunding bonds, including the maturities and other details, the rights of the holders, and the duties of the Authority, are controlled by this Chapter to the extent applicable.
(l) The Authority may provide by resolution for a single issue of its revenue bonds for the combined purposes of:
(1) paying the cost of any improvement, extension, enlargement, or reconstruction of any of its existing projects; and
(2) refunding its outstanding revenue bonds which may have been issued for the project if the bonds have matured, are subject to redemption, or can otherwise be acquired for retirement.
(m) Only fees, rents, tolls, charges, and revenues received from the use of the project or projects constructed from the proceeds of the bonds may be used or appropriated for the payment of interest or principal of such bonds; except that before and during construction and for one year after the completion of the construction of any project for which revenue bonds have been issued, the interest on the bonds may be paid out of the proceeds from the sale of the bonds. (1992 L.M.C., ch. 35, § 2.)