There is a Historic St. Mary’s City Commission.

The General Assembly makes the following declarations and findings: St. Mary’s City is the birthplace and first capital of Maryland and occupies a unique place in American history which deserves honor and respect. St. Mary’s City is the point of origin of many of the seminal and vital social, political, religious and humane precepts of our nation as later came to be reflected in the United States Constitution and Bill of Rights. St. Mary’s City should be protected and developed as a memorial to Maryland’s historical beginnings and her extraordinary contribution to the development of this nation. There is a great need to encourage the study and appreciation of the significance of St. Mary’s City to the history of Maryland and the nation. The General Assembly recognizes that the organizational structures and funding for St. Mary’s City have not been adequate to produce the knowledge of, or appreciation for, St. Mary’s City that it is due from the citizens of this State as well as of the nation, and finds and declares that a new course of action is needed. The Historic St. Mary’s City Commission needs the State to provide basic operational funding and organizational flexibility to successfully operate Historic St. Mary’s City along with an increased emphasis on soliciting other public and private funds to provide support for educational initiatives, research, study, and curation, as well as accelerated archaeological projects and capital improvements. Every Maryland school child should be knowledgeable as to the history of St. Mary’s City and its significance not only to this State but to the development of the nation. As resources become available, educational opportunities should be expanded to secondary and college age students as well as adults pursuing continuing educational opportunities. An affiliation between the Commission and St. Mary’s College of Maryland will allow the Commission to put to fuller and more effective use the assets that the State has acquired, preserved and developed at Historic St. Mary’s City over the last 30 years. The establishment of the Historic St. Mary’s City Commission as an independent unit and provision of basic operating funds by the State is in the public interest and will facilitate the management, operation, and development of this nationally important historic site. Historic St. Mary’s City will benefit from a creative affiliation and more formal collaboration with its geographic neighbor, St. Mary’s College of Maryland, itself designated in 1840 as a living monument to the legacy of Maryland’s first colonial capital. Both the Commission and the College are committed to preserving the site of Maryland’s first colonial capital and its archaeological treasures while continuing to assure that the general public and Maryland school children in particular have continued opportunities to visit and experience this important 17th century historical site. The General Assembly further states its legislative intent in the enactment of this subtitle to be as follows: To facilitate the efficient and effective operation of Historic St. Mary’s City and the State’s historical museum and archaeological park at Maryland’s first capital, as well as enhance the capacity and authority of the Commission to preserve, protect, and appropriately use the historic and archaeological assets of Historic St. Mary’s City; To equip the Historic St. Mary’s City Commission with the necessary and vital managerial discretion to pursue its purpose effectively, with the understanding that the Commission will contract, as it considers useful and appropriate both fiscally and managerially, with St. Mary’s College of Maryland, or other entities as may be practical and appropriate, for services such as procurement, personnel, and accounting, and otherwise collaborate formally and informally with St. Mary’s College of Maryland, on the use and exchange of expertise and resources, both managerial and educational, as both entities may determine is prudent and effective, in advancing the basic mission of each institution; To grant the Commission authority over its plans, projects, and operations, subject to any State and federal laws with respect to the protection of historic and archaeological sites of significance to the State, including its status as a State historic property and national historic landmark; To facilitate the support of Historic St. Mary’s City by other executive departments, including the Maryland Historical Trust in the Department of Housing and Community Development, the Museum Services Program located at Jefferson Patterson Park Museum, the Financial Assistance Programs and Office of Tourism in the Department of Commerce, and the Department of Education; To provide the Historic St. Mary’s City Commission with the organizational structure and funding mechanisms necessary to more effective functioning, and recognize the outdoor history museum and archaeological park located on the site of Maryland’s first capital, as an educational facility for students and visitors of all ages; and To endorse the Commission’s focus on developing the educational potential of Historic St. Mary’s City, including a closer affiliation with St. Mary’s College of Maryland, as the most effective way to assure that this unique site with its archaeological riches and importance to the history of Maryland and the nation is recognized and supported both privately and publicly as Maryland’s most important historic site, with a view to attaining national recognition for St. Mary’s City as a site of eminent national historical significance.

The mission of the Historic St. Mary’s City Commission is to preserve and protect the archaeological and historical record of Maryland’s first colonial capital and to appropriately develop and use this historic and scenic site for the education, enjoyment, and general benefit of the public. The particular purposes of the St. Mary’s City Commission are to: Discover, conserve, improve, and perpetuate the archaeological, historic, natural, scenic, and cultural qualities of Historic St. Mary’s City; Identify, document, study, curate, interpret, and appropriately preserve the archaeological record of Historic St. Mary’s City with emphasis on the 17th century; Enhance, where feasible, the scenic quality, open spaces, and buildings that reflect and display the early colonial historic characteristics of the site; Employ the site of Maryland’s first colonial capital for education at every level, including its anthropology, archaeology, history, and natural science; and Encourage and motivate the citizens of Maryland and the nation, as well as businesses, charitable, cultural, and educational institutions to make a continuing commitment to archaeological and historic investigation and research at Historic St. Mary’s City and the development of the site as an educational center for students of all ages.

The Historic St. Mary’s City Commission is an instrumentality of the State to be known as the Historic St. Mary’s Commission or any name that the Commission may adopt, provided the resolution adopting any change in name is filed promptly with the Secretary of State. The exercise by the Commission of the powers conferred by this subtitle is the performance of an essential public function. The Commission is an independent unit in the Executive Branch of government that operates in the Office of the Governor. The Commission may: Make contracts or other legal agreements or arrangements necessary or incidental to the exercise of its powers and performance of its duties; Sue and be sued; Implead and be impleaded; Complain and defend in all courts; Adopt and alter an official seal; and Adopt bylaws, rules and guidelines to regulate its affairs and the conduct of its business.

The Historic St. Mary’s City Commission consists of the following members: Fourteen voting members who shall be appointed by the Governor with the advice and consent of the Senate as follows: Three shall be distinguished scholars, one of whom shall be an archaeologist, one of whom shall be a colonial historian, and one of whom shall be an educator; One shall be a representative from a prominent historical museum; Three shall be members of the Maryland business community, one of whom is in business in the St. Mary’s County community; Six shall be members of the general public, at least two of whom are residents of the St. Mary’s County community; and One shall be a representative of the Native American community, appointed in consultation with the Maryland Commission on Indian Affairs; Two voting members as follows: One member of the public, appointed by the President of the Senate; and One member of the public, appointed by the Speaker of the House; and Two shall be ex officio members as follows: The chairman of the St. Mary’s College of Maryland Board of Trustees or the chairman’s designee who is a voting member; and The President of the Historic St. Mary’s Foundation who is a nonvoting member. The Governor shall consider statewide, regional, and minority representation in making appointments to the Commission. The term of a member of the Commission, excluding an ex officio member, is 4 years and until a successor is appointed and qualifies. These terms are staggered as required by the terms of members as of July 1, 1997. A member appointed to fill a vacancy in an unexpired term serves only for the remainder of that term and until a successor is appointed and qualifies. A member may be appointed to no more than two full consecutive terms. A member who has served less than a full 4–year term may be reappointed to two full terms.

From among its members the Commission shall elect: A chairman; A vice chairman; and Any other officer the Commission requires. Subject to subparagraph (ii) of this paragraph, the manner of election of officers and their terms of office shall be as the Commission determines. Officers of the Commission shall be selected from the appointed members of the Commission. The Commission shall adopt bylaws setting forth the manner in which it will conduct its business and otherwise carry out the duties assigned to it, including the establishment of standing committees to propose policies, review operations, and advise the Commission in the areas of: Land use, archaeology, historical research, collections management, and capital projects; Educational programming, public programs, and public affairs with a view to expanding the knowledge of and appreciation for Historic St. Mary’s City to the region, State, and nation; Long–range planning, fund–raising, from both public and private sources, as well as other revenue raising programs with a view to securing long–term financial capital and operating support for Historic St. Mary’s City; and Financial and administrative affairs, including property management, personnel, procurement, legal, accounting, audit, and investment policies. The chairman of the Commission shall appoint each Commissioner to one of the standing committees and such other committees as the Commission from time to time determines to appoint for special purposes. The chairman shall designate a chair of each committee. There shall be an executive committee of the Commission which shall have as its members the chairman, the vice chairman, and the chair of each standing committee. The executive committee shall be delegated such powers as the Commission shall determine by resolution or by law and shall report to the full Commission all actions taken or considered by the committee at the next meeting of the full Commission. The full Commission shall meet at least two times a year at Historic St. Mary’s City. The full Commission may meet more than two times a year at Historic St. Mary’s City or virtually. The executive committee shall meet at least four times a year, or such additional meetings as are necessary or convenient for the proper direction of Historic St. Mary’s City. Standing committees shall meet or confer as necessary to review and recommend action to the executive committee or full Commission, as the case may be, as issues within their purview arise. A majority of the voting members then serving on the Commission is a quorum. A Commissioner may not receive compensation, but is entitled to be reimbursed for expenses incurred while actually engaged in the performance of the Commissioner’s duties in accordance with the Standard State Travel Regulations.

Subject to the provisions of § 24–514 of this subtitle, and in addition to any powers provided elsewhere in this subtitle, the Commission has the following powers: To acquire and hold real and personal property of historic, aesthetic, or cultural significance, by gift, purchase, devise or bequest including the power to acquire other property in the vicinity of significant property if the Commission considers it necessary for the proper use and administration of Historic St. Mary’s City and its environs, to preserve and administer those properties, and to charge reasonable admission fees for entry to those properties; To preserve, study, curate, develop, and interpret historic, or cultural properties, buildings, fixtures, furnishings, facilities, collections, and appurtenances pertaining in any way to Historic St. Mary’s City and its environs, including the replica of the State House and other reconstructions in St. Mary’s City; To accept gifts, grants, legacies, bequests, and endowments for any purpose which falls within that of the Commission and, unless otherwise specified by the person making the gift, grant, legacy, bequest, or endowment, the Commission may expend both principal and income of the gift, grant, bequest, legacy, or endowment to further the purposes of the Commission; To accept governmental grants from federal, State and local governments and instrumentalities; To apply all money, assets, property, or other things of value it may receive as an incident to its operation to the general purposes of the Commission; To cooperate with and assist, insofar as practicable, or enter into a contractual relationship with any agency of the State or any agency of the political subdivisions of the State or any private agency or person, in furtherance of the purposes of the Commission; To fix, revise from time to time, and collect rates, rents, fees or other charges for the use of facilities or for services rendered in connection with the facilities at Historic St. Mary’s City; To issue revenue bonds subject to the provisions of Part IV of this subtitle; To regulate the use and operation of the facilities at Historic St. Mary’s City; To adopt bylaws that are necessary and proper and not inconsistent with this subtitle for the management, maintenance and operation of Historic St. Mary’s City and to effectuate the purposes of the Commission; and To delegate any of the powers herein conferred of a nonpolicy nature to any one or more of the Commissioners or to the executive director of the Commission. In addition to any duties provided elsewhere in this subtitle, the Commission has the following duties: To maintain and carry out the mission of Historic St. Mary’s City; To protect and preserve the historical and archaeological resources found within the boundaries of Historic St. Mary’s City; To identify, study, curate, interpret, and develop the significant historic and archaeological resources of Historic St. Mary’s City with emphasis on the 17th century colonial period; To enhance the role of Historic St. Mary’s City as a statewide educational center for historical archaeology and Maryland colonial history and ultimately to raise national awareness of the place of St. Mary’s City, its history, people, and ideas in our nation’s development; To develop close working relationships with public and private elementary and secondary schools, local and statewide businesses and governmental agencies, and conduct activities to educate the general public about the history and significance of Historic St. Mary’s City to the State of Maryland and the nation; To seek private and other public grants, gifts, bequests, endowments, and legacies for the development and use of Historic St. Mary’s City; To review and comment on all plans for use and development of the archaeologically or historically significant land and real property of St. Mary’s College of Maryland during the initial planning stage, to conduct such review at a special or regular meeting of the Commission after public notice of the general nature of the plans to be reviewed by the Commission, and thereafter to forward all such comments coincident with any submission made by the College pursuant to § 3–602 of the State Finance and Procurement Article; To prepare an overall strategic plan at least once every 5 years that establishes both short–range and long–range goals, objectives, and priorities for Historic St. Mary’s City in support of its mission; To develop and publish written policies regarding the Commission’s operating procedures, including policies on: Procurement; Human resources; Payroll; Cash management; Fleet management; and Property management, including rental tenant waiting lists; To develop a comprehensive maintenance plan and to update the plan at least once every 3 years; To annually review: The Commission’s operating agreements; and The Commission’s policies on operating procedures; and To report annually to the Governor, and subject to § 2–1257 of the State Government Article, to the General Assembly as to the Commission’s activities during the preceding year, including specifically: The number of students served as well as the type and numbers of all other visitors; The number of volunteers and total hours contributed to the operation of the museum; The amount and types of private and nonstate funds donated, pledged, or otherwise provided; and Any recommendations or requests the Commission considers appropriate to further the mission of Historic St. Mary’s City.

The Historic St. Mary’s City Commission and the Board of Trustees of St. Mary’s College of Maryland are hereby authorized to undertake joint programs and otherwise to work collaboratively under contract or other agreement acceptable to the governing boards of each institution, for the purpose of furthering the missions of both institutions. The Commission and the College may contract or otherwise agree to work jointly to sponsor high quality education programs and activities for both the academic and general communities and for all age groups, including elementary, secondary, college, and adult education programs as well as teacher training programs in curriculum areas of joint focus, such as archaeology, colonial American history, and Chesapeake culture and ecology. The Commission and College may develop jointly beneficial, promotional, marketing, fundraising, tourism, special events, and other outreach efforts. The College and Commission may by contract perform administrative tasks by one institution for the other including, but not limited to, personnel, procurement and insurance claim processing, purchasing, accounting, information system design, acquisition, installation and service, security, maintenance, historic landscape design, catering and general food services, and archaeological survey and mitigation services. Provided they are supportive of the distinctive mission of each institution, the Commission and College may undertake any other joint activity or action by formal or informal agreement or contract. Notwithstanding any joint activities or programs carried out by the College and the Commission, or administrative action undertaken by the College or the Commission for the benefit of the other institution, neither the College nor the Commission shall be liable for any direct or indirect actions of the other institution, or its trustees, Commissioners, employees, or agents as the case may be. If the Commission obtains services under an agreement with the College, the services provided to the Commission shall be in accordance with the College’s policies and procedures. An operating agreement entered into by the Commission with another unit of State government or an affiliated nonprofit organization shall be: Executed in writing; Approved for form and legal sufficiency by the Attorney General; Reviewed by the Commission annually; and Enacted for a term not exceeding 3 years, which may be renewed for additional terms not exceeding 3 years, without limit.

In this section, “affiliated nonprofit organization” includes the Historic St. Mary’s City Foundation. The Commission is encouraged to promote private fundraising by strengthening institutional development activities and may collaborate with affiliated nonprofit organizations. The Commission shall develop policies for collaboration with an affiliated nonprofit organization. The Attorney General shall review the policies the Commission develops under paragraph (1) of this subsection for form and legal sufficiency and, if appropriate, approve them to govern the collaboration. The State Ethics Commission shall review the policies the Commission develops under paragraph (1) of this subsection that pertain to conflicts of interest and, if appropriate, approve them to govern an official or employee of the Commission also serving as a director or official of an affiliated nonprofit organization. An affiliated nonprofit organization may not be considered an agency or instrumentality of the State or a unit of the Executive Branch for any purpose. A financial obligation or liability of an affiliated nonprofit organization may not be considered a debt or an obligation of the State or the Commission. Sections 5–501 through 5–504 of the General Provisions Article do not prohibit an official or employee of the Commission from also becoming a director or an official of an affiliated nonprofit organization. An official or employee of the Commission who serves as a director or official of an affiliated nonprofit organization: May not be compensated, directly or indirectly, by an affiliated nonprofit organization; and May be reimbursed for bona fide expenses incurred in the performance of activities undertaken on behalf of an affiliated nonprofit organization as authorized by the board of directors of an affiliated nonprofit organization and by the Commission. The Commission shall notify the State Ethics Commission in writing whenever the Commission authorizes an official or employee of the Commission to serve as a director or official of an affiliated nonprofit organization. Within 30 days after receipt of the notice under subparagraph (i) of this paragraph, the State Ethics Commission shall notify the Commission of any objections or concerns pertaining to the joint service identified in the notice. On receipt of a notice from the State Ethics Commission under subparagraph (ii) of this paragraph, the Commission shall reexamine the matter. Each year, the Commission shall report to the Governor, the State Ethics Commission, and, in accordance with § 2–1257 of the State Government Article, the Legislative Policy Committee: The names of the officials and employees serving as a director or official of an affiliated nonprofit organization; and How the policies and procedures adopted under subsection (c) of this section have been implemented in the preceding year. No funds may be accepted by the Commission from an affiliated nonprofit organization unless an independent certified public accountant audits the fiscal affairs of the affiliated nonprofit organization each year. Except as provided in subparagraph (ii) of this paragraph, funds given to the Commission by an affiliated nonprofit organization may not include preconditions on the use of the funds. Funds given to the Commission through an affiliated nonprofit organization from a donor may include conditions at the donor’s request.

The Commission may obtain and carry comprehensive liability insurance to protect the Commission, its employees, and agents. The determination whether to purchase insurance, and its scope and limitations, shall be within the Commission’s discretion, taking into account commercial availability and affordability and the existence and extent of insurance secured by the State Treasurer. Title 12, Subtitle 1 of the State Government Article (Maryland Tort Claims Act) applies to claims or actions against the Commission, its members, agents, and employees. Subject to all exclusions and limitations in Title 12, Subtitle 1, the immunity of the Commission is waived to the extent of any insurance coverage, if any, purchased under this section. Nothing in this section shall be construed to waive or abrogate sovereign immunity with respect to any claim that is not covered by or exceeds the limits of an insurance policy. Nothing in this section shall be construed to waive or abrogate the immunity of the Commission under the Eleventh Amendment to the United States Constitution.

The Commission shall appoint an executive director and such additional professional, administrative, and clerical personnel as it considers necessary to carry out the purposes of this subtitle. The Commission shall employ or contract with such other consultants, accountants, engineers, architects, or financial advisors as it deems prudent to the carrying out of the purposes of this subtitle. The Commission may delegate to the executive director any or all of its power to appoint and remove staff. The executive director shall: Act as the chief executive officer for the Commission with full authority to direct the activities and supervise the employees of Historic St. Mary’s City, in accordance with the policies, plans, and projects approved by the Commission; Represent the Commission with the Governor, the General Assembly, the Historic St. Mary’s Foundation, and all other State, local and federal governmental agencies and generally act as the chief spokesperson for all purposes, including solicitation of public and private funds for the advancement of Historic St. Mary’s City; Act as secretary to the Commission and prepare or have prepared minutes of each action taken by the Commission and the executive committee; and Perform any other duty that the Commission requires for carrying out the provisions of this subtitle. Notwithstanding any other provision of law to the contrary, employees of the Commission, including the executive director, may accept, subject to the approval of the Commission, faculty status at St. Mary’s College of Maryland, including remunerated teaching or other professional responsibilities. As the Commission considers appropriate, the Commission may request other units of State government to detail staff to the Commission. The Attorney General shall provide legal counsel and services to the Commission. Other units of State government may detail staff or technical assistance to the Commission on request of the Commission. An employee of the Commission: Is subject to the rules and procedures of the personnel system established under § 14-408 of this article; and Is entitled to participate in the health benefit plans, including medical, prescription, dental, mental health, substance abuse, and vision plans, term life and personal accident and dismemberment insurance plans, flexible spending accounts, and any other benefits established under § 14-408 of this article. An employee of the Commission is entitled to participate in the employee pension plans authorized by and in accordance with § 14-408(c) of this article. The Commission’s obligation for retirement costs for Commission employees shall be computed, charged, and paid in accordance with § 21-308(b)(1) and (c)(1) of the State Personnel and Pensions Article.

There is a Historic St. Mary’s City Fund. The State Treasurer shall hold the Historic St. Mary’s City Fund. The funds in the account shall be invested and reinvested by the Treasurer in accordance with the written investment policies of the Commission. Any investment earnings on the funds in the account shall be paid into the Fund. All unexpended or unencumbered balances of the Fund: Shall be reported to the Comptroller at the end of the fiscal year for which the appropriation was made; Do not revert to the General Fund or any other special fund of the State; and Shall be available for expenditure through an appropriation contained in a budget bill or through an approved budget amendment. The Commission shall use the Fund as a continuing, nonlapsing, revolving fund for carrying out the purposes of this subtitle. The Fund consists of: Any general funds appropriated to the Commission; Any fees collected by the Commission; and Any additional money received or paid to the Commission from any other source authorized by law. The Commission shall pay all expenses and make all expenditures from the Fund. Expenditures from the Fund shall be made pursuant to an appropriation approved by the General Assembly in the annual State budget or by the budget amendment procedure provided for in § 7–209 of the State Finance and Procurement Article. The Commission may pledge and charge all or a portion of the receipts of the Fund for the payment of: Debt service on bonds of the authority; and All reasonable charges and expenses related to borrowing by the Commission and management of the obligations of the Commission. A pledge made under paragraph (1) of this subsection is effective as provided in § 24–520 of this subtitle and any applicable resolution of the Commission. For each fiscal year, the Governor shall include in the annual budget bill a proposed General Fund appropriation to the Commission in an amount not less than the amount of the General Fund operating appropriation to the Commission included in the State budget for fiscal year 1998 as passed by the General Assembly. The Commission is authorized to make use of its facilities, equipment, and other resources to provide services and charge appropriate fees therefore to generate income for the benefit of Historic St. Mary’s City. All fees collected shall be deposited in the Historic St. Mary’s City Fund. The Commission has the responsibility for the governance and management of Historic St. Mary’s City, including the care, control, and maintenance of all of its property and assets. The Commission annually shall adopt and implement both a capital and operating budget for the maintenance, operation, and development of Historic St. Mary’s City. The Commission shall submit the budget it has adopted annually to the Governor for inclusion in the State budget. Subject to the budget amendment procedure provided for in § 7–209 of the State Finance and Procurement Article, the Commission may spend or encumber, within the fiscal year they are received or any time thereafter, any income, revenues, or other funds received in excess of those estimated by the Commission in the capital or operating budget adopted by the Commission for that fiscal year. The Fund is subject to audit by the Office of Legislative Audits as provided in § 2–1220 of the State Government Article.

Notwithstanding the provisions of Title 10, Subtitle 3 of the State Finance and Procurement Article, the Commission may sell, convey, assign, lease, or otherwise transfer or dispose of any real property acquired or held by it, and enter into any contracts incident thereto, for such term and such conditions as the Commission deems appropriate, except: Real property valued in excess of $5,000.00 may not be sold without the prior approval of the Board of Public Works; and Leases entered into by the Commission must be made in furtherance of the purposes of the Commission. Except as otherwise set forth in this subtitle, the Commission is exempt from the provisions of Division II of the State Finance and Procurement Article, Division I of the State Personnel and Pensions Article, and the State Administrative Procedure Act. Capital projects of the Commission are subject to Titles 3 and 4 of the State Finance and Procurement Article to the extent of any appropriation of capital funds by the General Assembly. The Commission and its officers and employees are subject to: The Maryland Public Ethics Law established in Title 5 of the General Provisions Article; The Public Information Act established in Title 4 of the General Provisions Article; and The Open Meetings Act established in Title 3 of the General Provisions Article. The Commission shall procure noncapital goods and services in accordance with the procurement policies and procedures established by St. Mary’s College of Maryland pursuant to § 14-405 of this article. For purposes of applying for, receiving, and entering into agreements in connection with loans, grants, insurance, or other forms of financial assistance from the State or its agencies or instrumentalities, the Historic St. Mary’s City Commission may be deemed to be a: Public body within the meaning of the Maryland Industrial Development Financing Authority Act; Political subdivision within the meaning of the Maryland Industrial Land Act and the Maryland Industrial and Commercial Redevelopment Fund Act; and State or local project eligible under §§ 5-904 and 5-905 of the Natural Resources Article. All gifts of tangible or intangible property as well as cash donations to the Commission are charitable contributions eligible as a deduction against income taxes as permitted by State and federal law.

In this section the following words have the meanings indicated. “Dwelling” means the dwelling house of one or more homeowners, and the curtilage where it is erected, which is used as the principal residence of that homeowner or homeowners. “Homeowner” means a person who, on July 1, 1976, actually resided in a dwelling in which that person had a legal interest, including any life estate, whether as sole owner, joint tenant, tenant in common, or tenant by the entirety. “Principal residence” means a dwelling actually occupied or expected to be actually occupied by the homeowner or the homeowners for more than 6 consecutive months of the present calendar year. Nonoccupancy of the dwelling because of illness or the need for special care of the homeowner is occupancy for the purposes of this section. When the Commission or other State agency commences the acquisition by purchase, gift, or condemnation of the dwelling of a homeowner within the proposed boundaries established by the Commission, the Commission or other State agency shall offer in writing the homeowner or homeowners a life estate in that property. Acceptance of the life estate shall be taken into consideration when determining the value of the property. Upon acceptance, the recipient of the life estate will pay real estate property taxes, insurance, and ordinary maintenance costs. Requests for material alterations or additions to the property must be submitted in writing to the Historic St. Mary’s City Commission and a request must be approved or disapproved by the Commission within 45 days of the receipt of the request. In the case of a purchase, the Commission or other State agency shall make the offer: At the time of each offer for purchase; and In a document separate and apart from all other documents at the time of ratification of the sales contract. In the case of a gift or condemnation, the Commission or other State agency shall make the offer at the time of transfer of any right, title or interest, present or future, in the property. The Commission or other State agency may offer at any time a life estate to any other homeowner or property owner within the proposed boundaries established by the Commission. The homeowner or property owner may accept the offer before the 30th calendar day following the time set forth in subsections (b) and (c) of this section. Until such time as the Commission certifies legitimate need for the residue, the holder of the life estate may continue to use it as it existed prior to the transfer of title and the creation of the life estate, on a lease arrangement.

Notwithstanding the provisions of Title 4, Subtitle 4, Part III of the State Finance and Procurement Article, and subject to the availability of funds and in accordance with other provisions of this subtitle regarding the Historic St. Mary’s City Commission, the Commission may enter into agreements with preservation land trusts, foundations, and other entities for the purpose of acquiring title to or an interest in property in Historic St. Mary’s City that is owned by such an entity or on which the entity holds an option or a contract to purchase.

Subject to the approval of the Board of Public Works, the Commission may receive and the State may pay over and transfer to the Commission, from time to time, property held in the name of the State, or any other State agency to carry out the purposes of the Commission.

Subject to this Part IV of this subtitle, the Commission may at any time and from time to time issue bonds, bond anticipation notes, or other obligations, (herein referred to as “bonds”), and may use the proceeds or the earnings from the investment thereon for any authorized purpose, including the establishment of reserves and the payment of interest. The Commission may issue bonds only if it determines that the issuance is necessary to achieve the purposes of this subtitle. The determination under paragraph (1) of this subsection shall be made by the chairman of the Commission. The Commission shall submit each proposed issue of bonds to the Board of Public Works and shall obtain the approval of the Board of Public Works for the proposed issue prior to issuance of the bonds. In submitting a proposal to issue bonds to the Board of Public Works, the Commission shall identify the source of revenue that supports the debt service on the bonds. The Board of Public Works may not approve the issuance of bonds by the Commission that will result in more than $3,000,000 in an aggregate outstanding and unpaid principal balance of bonds for the Commission at any time. Except as otherwise expressly required by this subtitle, the Commission may issue the bonds without: Obtaining the consent of any other unit of State government; Any proceedings; or The occurrence of any conditions. The Commission shall by resolution authorize any bonds that it issues. The Commission may secure the bonds by a resolution or trust agreement between the Commission and a corporate trustee or trustees, which may be any trust company or bank having the powers of a trust company within or without the State. Proceeds of bonds and the investment income from such bonds shall be deposited by the Commission in any State or national bank or federally insured savings and loan association having a total paid-in capital of at least $1,000,000. The trust department of any State or national bank or savings and loan association, or trust company, may be designated as a depository to receive any securities acquired or owned by the corporation.

The bonds of any issue shall be payable solely from the property or receipts of the Commission, including: Fees, charges, rents, or other revenues payable to the Commission; Payments by financial institutions, insurance companies, or others pursuant to letters or lines of credit, policies of insurance, or purchase agreements; Investment earnings from funds or accounts maintained pursuant to a bond resolution or trust agreement; Proceeds of refunding bonds; and Any other source authorized by law. Bonds issued under the provisions of this title are not a debt of, and do not pledge the faith, credit, or taxing power of the State. The bonds shall contain on their face a statement that the bonds are not a debt of, and do not pledge the faith, credit, or taxing power of the State, the Commission, or any political subdivision, but are payable solely from the revenues and property provided for therein. Subject to the approval of the Board of Public Works, the Commission may receive and the State may lease to or lease back to the Commission any property within the enclave of Historic St. Mary’s City and held in the name of the State or any other agency of the State in order to facilitate the issuance of revenue bonds by the Commission under this subtitle.

The bonds that the Commission issues shall: Be issued at, above, or below par value, for cash or other valuable consideration, and mature at a time or times, whether as serial bonds or as term bonds or both, not exceeding 30 years from their respective dates of issue; Bear interest at the fixed or variable rate or rates determined by the method provided in the resolution or trust agreement; Be payable at a time or times, in the denominations and form, either coupon or registered or both, and carry the registration and privileges as to conversion and for the replacement of mutilated, lost, or destroyed bonds as the resolution or trust agreement may provide; Notwithstanding any other law, be deemed a “security” within the meaning of § 8-102 of the Commercial Law Article, whether or not it is either one of a class or a series or by its terms is divisible into a class or series of instruments and negotiable for all purposes although payable from a limited source; Be payable in lawful money of the United States at a designated place; Be subject to the terms of purchase, payment, redemption, refunding, or refinancing that the resolution or trust agreement provides; Be executed by the manual or facsimile signatures of the officers of the Commission designated by the Commission, which signatures shall be valid at delivery even for an officer who has ceased to hold office; and Be sold in the manner and on the terms determined by the Commission, including private or negotiated sale and be exempt from §§ 8-206, 8-208, 8-209, and 8-213 through 8-221 of the State Finance and Procurement Article.

Any resolution or trust agreement the Commission adopts or enters into under this subtitle may contain provisions that: Pledge, assign, or direct the use, investment, or disposition of all or a portion of the receipts of the Commission or all or a portion of the proceeds or benefits of any contract and convey or otherwise secure any property or property rights; Set aside loan funding deposits, debt service reserves, capitalized interest accounts, cost of issuance accounts, sinking funds, and other funds and accounts, and regulate, invest, and dispose of these deposits, reserves, accounts, and funds; Limit the purpose to which or the investments in which the proceeds of sale of any issue of bonds may be applied and restrict the investment of revenues or bond proceeds as deemed necessary, which may include limiting investments to government obligations for which principal and interest are unconditionally guaranteed by the United States; Limit the issuance of additional bonds and specify the terms on which additional bonds may be issued, secured, and rank on parity with, or be subordinate or superior to, other bonds; Refund or refinance outstanding bonds; Establish any procedure concerning the manner in which the terms of any contract with bondholders may be altered or amended, the amount of bonds to which the holders must consent, and the manner in which the holders must consent; Define the acts or omissions that constitute a default in the duties of the Commission to holders of bonds and provide the rights and remedies of the holders in the event of a default, which may include provisions that restrict individual right of action by bondholders; Provide for guarantees, pledges of property, purchases or sales of property, leasing, leasing back or subleasing of property, the assignment of any pledges, purchase, sale, lease or sublease agreements, letters of credit or other security, or insurance for the benefit of bondholders; and Provide for any other matter relating to the bonds that the Commission deems appropriate. Any provisions under subsection (a) of this section that the Commission includes in a resolution or trust agreement may be made part of the contract with the holders of the bonds.

A pledge by the Commission of revenues as security for an issue of bonds shall be valid and binding from the time when the documents evidencing the pledge are executed by the Commission. The revenues that the Commission pledges may be made immediately subject to the lien of the pledge without any physical delivery or further act. The lien of any pledge of revenue is valid and binding against any person who has any claim in tort, contract, or otherwise against the Commission, whether or not the person has notice. In order to perfect the lien on the revenue pledged by the Commission against third persons, a resolution, trust agreement or financing statement, continuation statement, or other instrument that the Commission adopts or enters into need not be filed or recorded in any public record other than the records of the Commission.

A member of the Commission, or any person executing the bonds, is not liable personally on the bonds or subject to any personal liability by reason of the issuance of the bonds. Except as otherwise provided by an applicable resolution or trust agreement, a holder of bonds issued under this subtitle, or a trustee acting under a trust agreement entered into under this subtitle, may, by any suitable form of legal proceedings, protect and enforce any rights granted under the laws of this State or by any applicable resolution or trust agreement.

The Commission may issue bonds to refund any of its bonds then outstanding, including the payment of any redemption premium and any interest accrued or to accrue to the earliest or any subsequent date of redemption, purchase, or maturity of the bonds. Refunding bonds may be issued: For the public purposes of realizing savings in the effective costs of debt service, directly or through a debt restructuring; or For alleviating impending or actual default; and In one or more series in an amount in excess of that of the bonds to be refunded.

The Commission may enter into agreements with agents, banks, insurers, or others for the purpose of enhancing the marketability of, or as a security for, its bonds. Any financial institution, investment company, insurance company or association, and any personal representative, guardian, trustee, or other fiduciary, may legally invest any money belonging to them or within their control in any bonds issued by the Commission.

The bonds of the Commission, their transfer, the interest payable on them, and any income derived from them, including any profit realized in their sale or exchange, are exempt at all times from every kind of taxation by this State or by any of its political subdivisions, municipal corporations, or public agencies. Subject to paragraph (2) of this subsection, the bonds of the Commission may be, but are not required to be, issued in conformance with any applicable provisions of the Internal Revenue Code of the United States in order that the interest payable thereon shall be excludable from federal gross income. The Commission may not issue tax–exempt private activity bonds that require a volume cap allocation under provisions of the Internal Revenue Code.

This subtitle shall be liberally construed to effect its purposes. This subtitle may be cited as the “Historic St. Mary’s City Commission Act”.