§ 21A-108. Bonds.

(a)

The Authority may issue bonds for the purpose of financing or refinancing, in whole or in part, the cost of any one or more of the projects undertaken by the Authority including bonds issued in accordance with Section 9-1301 of Article 24 of the Annotated Code and Title 14, Subtitle 2 of Article 41 of the Annotated Code.

(b)

(1)

The bonds:

(A)

Shall not constitute a debt of the County or a pledge of the faith and credit of the County, of the State, or of any political subdivision of the State; and

(B)

Shall not be considered obligations of the County for purposes of any debt limitation imposed on the County under any constitutional, statutory, or Charter provision.

(2)

The bonds, the borrowing which they represent, and the project, the cost of which is being financed or refinanced, are not subject to any referendum requirements of the Charter of the County.

(c)

By resolution, the Authority may determine all matters with respect to the issuance, sale, delivery, and payment of the bonds, including the issue date or dates, maturity or maturities, interest rate or rates or manner of determining the interest rate or rates, terms, form or forms, denomination or denominations, manner of execution, place or places of payment, source or sources of payment, redemption, refunding, sale price, manner of sale, and security for the bonds.

(d)

The bonds, the transfer of the bonds, the interest payable on the bonds, and any income derived from the bonds, including any profit realized in the sale or exchange of the bonds, shall be exempt at all times from taxation by the State or by any of its counties, municipal corporations, or public agencies of any kind.

(e)

The bonds are exempt from the provisions of Article 31, Sections 9 through 11, of the Annotated Code of Maryland.

(f)

(1) A pledge by the Authority of Revenues as security for an issue of bonds shall be valid and binding from the time the pledge is made.

(2)

Revenues pledged by the Authority are subject immediately to the lien of the pledge without any physical delivery or further act.

(3)

The lien of any pledge is valid and binding against any person having any claim of any kind in tort, contract, or otherwise against the Authority, whether or not the person has notice of the lien.

(4)

Notwithstanding any provision of public general or public local law, perfection against third parties of a lien of a pledge by the Authority of its revenues does not require the filing or recording of a resolution, trust agreement, financing statement, continuation, or other statement or instrument adopted or entered into by the Authority in any public record other than the records of the Authority.

(Laws 1996, ch. 491; Laws 2002, ch. 585)