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<section article="gec" article_name="Economic Development" number="10-218" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="2" subtitle_name="Maryland Food Center Authority">
  <level label="a">
    <text>The Authority may authorize the issuance of federally tax-exempt or federally taxable revenue bonds by resolution.</text>
  </level>
  <level label="b">
    <text>The Authority may issue revenue bonds:</text>
    <level label="1">
      <text>to pay any part of the cost of developments or projects;</text>
    </level>
    <level label="2">
      <text>to fund a deficit in accordance with subsection (i) of this section;</text>
    </level>
    <level label="3">
      <text>to pay the cost of improvements of developments or projects in accordance with subsection (j) of this section;</text>
    </level>
    <level label="4">
      <text>to refund outstanding bonds issued under this subtitle; and</text>
    </level>
    <level label="5">
      <text>for any other purpose set forth in this subtitle.</text>
    </level>
  </level>
  <level label="c">
    <text>The Authority may issue the bonds at one time or in one or more series from time to time.</text>
  </level>
  <level label="d">
    <text>The Authority shall determine:</text>
    <level label="1">
      <text>the dates of the bonds;</text>
    </level>
    <level label="2">
      <text>the maturity dates of the bonds, which may not exceed 40 years from the date of their issue;</text>
    </level>
    <level label="3">
      <text>the interest rates on the bonds;</text>
    </level>
    <level label="4">
      <text>the medium of payment of the principal of and interest on the bonds;</text>
    </level>
    <level label="5">
      <text>interest payment dates on the bonds, which shall occur twice in every 12 months;</text>
    </level>
    <level label="6">
      <text>the form of the bonds;</text>
    </level>
    <level label="7">
      <text>the manner of executing the bonds;</text>
    </level>
    <level label="8">
      <text>the denominations of the bonds; and</text>
    </level>
    <level label="9">
      <text>the places at which the principal of and interest on the bonds will be payable, including a bank or trust company in or outside the State.</text>
    </level>
  </level>
  <level label="e">
    <text>The bonds may be redeemed before maturity at the option of the Authority at the prices and under terms and conditions that the Authority sets before the bonds are issued.</text>
  </level>
  <level label="f">
    <text>An officer’s signature or facsimile on a bond remains valid even if the officer leaves office before the bond is delivered.</text>
  </level>
  <level label="g">
    <level label="1">
      <text>The Authority shall sell the bonds either by competitive or negotiated sale in a manner and for a price that the Authority determines to be in its best interests.</text>
    </level>
    <level label="2">
      <text>The bonds are exempt from §§ 8-206 and 8-208 of the State Finance and Procurement Article.</text>
    </level>
  </level>
  <level label="h">
    <level label="1">
      <text>Before it prepares definitive revenue bonds, the Authority may issue temporary revenue bonds meeting the requirements of this section that are exchangeable for definitive revenue bonds when issued.</text>
    </level>
    <level label="2">
      <text>The Authority may replace bonds that are mutilated, lost, or destroyed.</text>
    </level>
    <level label="3">
      <text>The Authority may issue replacement bonds or bonds exchanged for temporary revenue bonds without:</text>
      <level label="i">
        <text>another proceeding; or</text>
      </level>
      <level label="ii">
        <text>the satisfaction of any other condition.</text>
      </level>
    </level>
  </level>
  <level label="i">
    <level label="1">
      <text>If the proceeds of the bonds are less than the amount required for the purpose for which the bonds were authorized, the Authority may issue additional bonds to fund the amount of the deficit.</text>
    </level>
    <level label="2">
      <text>Unless otherwise provided in the resolution authorizing the issuance of bonds or in the trust agreement, the additional bonds are:</text>
      <level label="i">
        <text>considered to be of the same issue as the first issue; and</text>
      </level>
      <level label="ii">
        <text>entitled to payment from the same funds as the first issue, without preference or priority of the bonds of the first issue.</text>
      </level>
    </level>
  </level>
  <level label="j">
    <level label="1">
      <text>The resolution authorizing the issuance of bonds may provide for the issuance of additional bonds to pay the cost of any necessary improvements.</text>
    </level>
    <level label="2">
      <text>The additional bonds:</text>
      <level label="i">
        <text>may be limited in amount by the resolution or trust agreement;</text>
      </level>
      <level label="ii">
        <text>shall be considered part of the first issue authorized by the resolution; and</text>
      </level>
      <level label="iii">
        <text>shall be issued under the restrictions and limitations provided by the resolution or trust agreement.</text>
      </level>
    </level>
  </level>
</section>
