Title 4. Division of Development Finance — Subtitle 2. Community Development Administration

is used primarily to carry on a business whether or not for profit;

is not a residential building; and

is not used primarily to manufacture or produce raw materials, products, or agricultural commodities.

an energy audit performed for purposes of Title VII of the National Energy Conservation Policy Act, 42 U.S.C. §§ 6201 through 6422; or

an onsite inspection of a commercial building that includes a determination of, and provides information on:

“Development costs” means the costs that the Department considers reasonable and necessary to carry out:

“Development costs” includes:

qualifies as a limited dividend corporation under the Moderate–Income Rental Program of the National Housing Act, Title 12, Chapter 13 of the United States Code; and

is operated only to further a community development project.

an inspection or energy audit of a residential building or a dwelling unit in a residential building performed for purposes of Title II or Title VII of the National Energy Conservation Policy Act, Title 42, Chapter 91 of the United States Code; or

an onsite inspection of a residential building or a dwelling unit in a residential building that includes a determination of and provides information on:

improved by a residential building; or

unimproved, if the loan proceeds are to be used to construct a residential building.

will be occupied in substantial part by families of limited income;

will provide common, shared, or independent living, dining, kitchen, sanitary, and sleeping facilities;

may include supportive services or supervisory live–in personnel for individuals with specialized housing needs;

may include nonresidential facilities to serve individuals with special needs who need not be residents of the project or undertaking; and

is not subject to § 4–213(b) of this subtitle.

A mortgage loan under this section shall be available to a teacher who is a first–time home buyer.

The loan shall be conditioned on an agreement by the teacher to teach in the State for at least 3 years if work is available for the teacher.

The loan shall be used to purchase property in a priority funding area as defined in §§ 5–7B–02 and 5–7B–03 of the State Finance and Procurement Article.

the State Department of Education, to ensure that the program is consistent with the State’s strategy to attract and retain teachers; and

local boards of education, to ensure that the program is properly marketed.

This section does not apply to grants that may be awarded to the Administration under federal law.

The Administration may award grants to home buyers for settlement expenses as provided by the Department under this title.

The Administration may award grants under § 4–235(b)(1)(ii) of this subtitle.

compensation as provided in the State budget; and

reimbursement for expenses under the Standard State Travel Regulations as provided in the State budget.

three employees of the Department, one of whom may be the Secretary;

one employee of the Executive Branch of State government who is not employed by the Department; and

three members of the public.

The term of a public member is 4 years and begins on July 1.

At the end of a term, a public member continues to serve until a successor is appointed and qualifies.

A public member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed and qualifies.

The Housing Finance Review Committee shall review and make recommendations to the Secretary about:

The Secretary may approve a specific loan request without a recommendation of the Housing Finance Review Committee if the request requires urgent action.

assist the Governor in coordinating the activities of governmental units of the State that affect the solution of community development problems and the implementation of community plans;

encourage and assist political subdivisions to develop mutual and cooperative solutions to their common problems;

serve as a clearinghouse for information and other materials that may be pertinent to sound community development, including information on available federal, State, and private financial and technical assistance;

carry out continuing studies and analyses of sound community development in cooperation with the Department of Planning;

make recommendations, in cooperation with the Department of Planning, for administrative or legislative action, paying particular attention to the problems of metropolitan, suburban, and other areas;

implement model or demonstration programs and projects, contract to administer functions or services in a political subdivision, or otherwise provide a program of practical research in community development;

promote community development by giving to political subdivisions, local development agencies, local development entities, or nonprofit organizations:

contract for and accept from any governmental unit of the State or other source a gift, grant, contribution, or loan of money, property, or other aid in any form for community development and comply with the terms and conditions of the gift, grant, contribution, or loan;

attach to a sale or lease of property or to a loan or grant the terms and conditions that the Director determines and the Secretary approves;

enter into agreements to make annual payments instead of assessments, charges, or property taxes to a political subdivision in respect to real property that the Administration owns; and

provide money to programs eligible to receive funding from the Neighborhood Business Development Fund under § 6–310 of this article.

arrange or contract with a political subdivision or private party in connection with a community development project or public purpose project for:

spend Administration money for an undertaking that the Secretary approves.

For the purpose of reducing direct greenhouse gas emissions from multifamily residential buildings in accordance with the standards adopted under § 2–1602 of the Environment Article, the Administration shall develop and implement a program to provide grants and loans for energy conservation projects and projects to install renewable energy generating systems in covered buildings that house primarily low– to moderate–income households.

Grants and loans provided under this subsection may not be used for a project to install new equipment that uses fossil fuels or improve the efficiency of existing equipment that uses fossil fuels.

In each of fiscal years 2024 through 2026, the Governor shall include in the annual budget bill an appropriation of $5,000,000 to the Department for the purpose of providing grants and loans under this subsection.

On or before December 1, 2023, and each December 1 thereafter, the Administration shall report to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly on the projects funded under this subsection.

the income of the family available for housing;

the size of the family;

the cost and condition of available housing;

the ability of the family to compete in the private housing market; and

standards and definitions established for federal housing programs.

types of housing;

programs of the Administration; and

areas of the State.

the Secretary; and

the Board of Public Works, if its approval is required by law.

This subsection applies notwithstanding any other provision of this subtitle or other State law.

In exercising its functions and responsibilities, the Administration may sell or lease for a term not exceeding 99 years all or part of the real, mixed, or personal property constituting a community development project.

A sale or lease under this section may be made:

A sale or lease under this section shall conform with a plan for community development that the Secretary approves at a public hearing held after notice is published in at least one newspaper of general circulation in the political subdivision in which the development is located.

The plan for community development presented at the hearing shall be in accordance with regulations that the Secretary adopts, requiring:

In carrying out this subtitle, the Administration shall:

Wherever possible, the Administration shall carry out community development projects together with and through the use of:

assists home buyers to receive low–interest mortgage loans, with down payment and closing cost assistance options, for the purchase of homes near their place of employment; and

coordinates with, and matches where appropriate, similar programs offered by private employers and county and municipal governments so as to maximize the total amount that home buyers can receive under the program.

allow home buyers to utilize the loans for the purchase of newly constructed or existing homes; and

require a home purchased under this program to be occupied by the home buyer as a principal residence.

In this section the following words have the meanings indicated.

“Current student” means an individual who:

“Public institution of higher education” has the meaning stated in § 10–101 of the Education Article.

“Recent graduate” means an individual who, within 5 years before applying for assistance under this section, graduated from a public institution of higher education in the State with at least:

assists current students and recent graduates to receive low–interest mortgage loans, with down payment and closing cost assistance options, for the purchase of homes near the school attended by the student or graduate;

coordinates with, and matches where appropriate, similar programs offered by public institutions of higher education, private employers, and county and municipal governments to maximize the total amount that current students and recent graduates can receive under the program;

authorizes a public institution of higher education to provide matching funds to a home buyer who receives assistance under this section; and

utilizes available funding sources.

allow home buyers to utilize the loans for the purchase of newly constructed or existing homes;

require a home purchased under the program to be occupied by the home buyer as a principal residence; and

utilize available funding sources.

new or existing housing:

any improvements, such as streets, roads, sewer lines, and water lines that are needed to support the housing; and

the public or private commercial, educational, cultural, recreational, community, or civic facilities that are needed to support the housing.

they are less than a substantial part of the project; or

the Secretary finds that they will promote sound community development.

The Administration shall administer community development projects that:

A community development project administered under this subsection is not subject to the provisions of subsection (b)(1) of this section that require part of the housing to be occupied by families of limited income.

The community development projects administered under this subsection shall be known as the “Live Near Your Work” program.

The Secretary shall adopt regulations to implement the “Live Near Your Work” program established under this subsection.

The Administration may administer community development projects that:

A community development project administered under this subsection is not subject to the provisions of subsection (b)(1) of this section that require part of the housing to be occupied by families of limited income.

The community development projects administered under this subsection shall be known as the Live Near Your School program.

The Administration shall adopt regulations to implement the Live Near Your School program established under this subsection.

the purchase or installation of:

a planning or technical service, a residential energy audit, or a conversion from a master utility meter to individual utility meters if the service, audit, or conversion is related to or undertaken with the installation of an item specified in item (1) of this subsection.

the purchase, installation, or modification of an installation that is designed primarily to reduce the consumption of energy, including:

a planning or technical service or a commercial energy audit, if the service or audit is related to or undertaken with the installation, or the modification of an installation, of an item specified in item (1) of this subsection.

A project, undertaking, or facility qualifies as an infrastructure project if it is planned, acquired, owned, developed, constructed, reconstructed, rehabilitated, or improved by or on behalf of a political subdivision to provide the essential physical elements that are the basis of the public service system.

Infrastructure projects include streets, sidewalks, curbs, sewer and water systems, bridges, and public buildings that are owned by a political subdivision or a governmental unit of a political subdivision.

eligible wholly or partly for federal low-income housing credits; or

located in a distressed area designated under subsection (e) of this section.

shall provide in substantial part for existing or new housing; and

may include:

the availability, cost, and condition of housing and neighborhood facilities, including the age and number of abandoned and substandard structures;

the incomes of residents relative to State or area-wide regional median incomes, including the number of individuals who are welfare recipients, unemployed, or living in poverty;

the need to finance housing or public or private facilities to upgrade the social and economic conditions of the distressed area;

the plans and financial commitment of the political subdivision to undertake improvements in the distressed area; and

other standards and criteria that the Secretary considers relevant, including standards established for other State or federal programs.

is an addition, alteration, or improvement to a residential building or a commercial building; and

is designed to reduce the energy requirements of the building by using:

a solar process heat device;

a solar electric device; and

an earth–sheltered building in which the sheltering substantially reduces the consumption of energy by the building.

located in:

real property;

personal property;

bank accounts;

certificates of deposit, stocks, and bonds;

credit enhancement, assurance, or guaranty; or

any other collateral acceptable to the Administration.

a loan;

a reduction in the principal obligation of or interest rate on a loan or portion of a loan;

a prepayment of interest on a subordinate or superior loan or portion of a loan;

an assurance;

a guarantee or other form of credit enhancement; or

a promissory note that may be converted to an equity ownership interest and liquidated at the earliest opportunity to realize the highest market value for the Administration.

community development projects;

energy conservation projects;

home improvement projects;

public purpose projects;

solar energy projects;

special housing facilities; and

business projects.

payments under federal law;

bonds or notes issued by the Administration;

bonds or notes issued by the State; and

mortgage-backed securities and proceeds of investments in them.

the interest rate;

the time of payments of an installment of principal or interest;

security; or

any other term.

In connection with property on which it holds a mortgage, the Administration may:

In an action under this subsection, the Administration may:

This subsection does not apply to a lien held in connection with a public purpose project.

The Administration may not lend money on the security of property unless the lien on the property is superior to all other liens, except for:

At public or private sale and with or without public bidding, the Administration may sell a mortgage or other obligation that the Administration holds.

The Administration may retain the servicing rights and charge servicing fees for any mortgage or other obligation the Administration sells.

The Administration shall adopt regulations to establish and implement programs of financial assistance for energy conservation projects and solar energy projects.

These regulations shall be consistent with the provisions of this subtitle that generally concern the powers of the Administration to award financial assistance for energy conservation projects and solar energy projects.

eligibility and application requirements;

interest rates, maximum loan amounts, and the terms of loans;

allocations of money among classes of eligible buildings;

credit and underwriting requirements; and

warranties, representations, forms of security, certifications, inspections, audits, and any other means of ensuring compliance with and enforcing the terms of financial assistance awarded under this subtitle.

make, purchase, and participate in making loans;

purchase local obligations issued to finance such projects; and

provide any other form of financial assistance other than grants.

interest rate;

time of payment of any installment of principal or interest;

security; or

any other term.

In connection with any security that it receives or owns, including a local obligation, the Administration may:

If the Administration begins such an action, it may:

If the Administration purchases a local obligation, the procedures and requirements for the issuance or sale of the local obligation shall be as provided in §§ 4–230 through 4–233 of this subtitle.

Notwithstanding any other public general law or public local law, charter, or ordinance, an issuer of a local obligation may sell a local obligation to the Administration to finance an infrastructure project:

The issuer of a local obligation may pay any fee or charge necessary for the Administration to:

Notwithstanding any other public general law, public local law, charter, or ordinance, to enhance the security or the marketability of the bonds, notes, or obligations of the Administration that are sold to finance an infrastructure project:

In accordance with a pledge under paragraph (1) of this subsection, the Comptroller and the State Treasurer shall cause the money pledged to be paid to the Administration or a trustee that the Administration designates.

Notwithstanding any other public general law, or public local law, charter, or ordinance, a political subdivision or a governmental unit of a political subdivision may issue a local obligation to be purchased by the Administration for infrastructure projects.

A local obligation shall be issued in accordance with this section.

Each local obligation must be authorized by resolution or ordinance of the governing body of the issuer.

Before a local obligation is issued under this section:

The notice shall include the proposed amount of the issue, the nature of the infrastructure project to be financed, the time and place of the public hearing, and the name and address of the governing body where written comments may be sent.

a statement of the public purpose for which the proceeds of the local obligation are to be spent;

the form of the local obligation, including:

a provision for the disposition of the proceeds of sale of the local obligation;

a provision that the principal and interest shall be payable to the Administration or its designee;

a provision for payment of the principal and interest that specifies each source of payment;

a provision that the local obligation is a valid and binding obligation of the issuer in accordance with its terms even if an official whose signature appears on the local obligation:

any other provision that is not inconsistent with this subsection and that the governing body of the issuer considers appropriate, including a provision that:

A local obligation that an issuer issues under this part shall have all the attributes of a negotiable instrument under § 19–224 of the Local Government Article.

The principal of and interest on a local obligation in the hands of its owner are exempt from taxation by the State or a political subdivision.

Each ordinance or resolution enacted under this section:

Except as provided in subsection (b) of this section, an ordinance, a resolution, or the question of the issuance of local obligations authorized by an ordinance or resolution need not be submitted to a referendum of the qualified voters of the issuer.

the charter of the political subdivision authorizes the voters to do so; and

the petition is filed not later than 20 days after the ordinance or resolution is adopted by the governing body of the political subdivision.

may be adopted at the public hearing required under § 4-230(b) of this subtitle or at another regular or special session of the governing body; and

shall be effective on the date adopted and approved.

the faith and credit of the county; or

specific revenue of the county.

A pledge by a county under this section shall be authorized by an ordinance or a resolution of the county.

Each ordinance or resolution enacted under this section shall:

Subject to paragraph (2) of this subsection, if a local obligation is secured under this section by a pledge of the faith and credit of a county to make prompt payment from the tax and other revenues described in the enabling resolution or ordinance:

payments to the issuer from the State or federal government;

special benefit assessments, taxes, fees, or service charges that the county has authority to impose, levy, or charge; and

revenue of the county expected to be generated by the infrastructure project to be financed.

the pledge is a covenant to levy taxes sufficient to pay the principal of and interest on the local obligation when due:

if at the time of issuance of a local obligation there is a charter or statutory limit on the power of the issuer to levy property taxes, the pledge is a covenant to levy ad valorem taxes, within that limit, sufficient to pay the principal of and interest on the local obligation:

a local obligation may not be issued if the issuance would cause the issuer to exceed any limit set by the charter of the issuer or by statute on the power of the issuer to incur indebtedness; and

notwithstanding item (3) of this subsection:

An issuer of a local obligation under § 4-230 of this subtitle may secure payment by the pledge of specific revenues of the issuer.

If a local obligation issued under § 4-230 of this subtitle is secured by the pledge of specific revenue, the specific revenue may include:

In this section the following words have the meanings indicated.

“Capital reserve fund” means a reserve fund created under this section.

“Minimum capital reserve requirement” means the minimum capital reserve amount established by the Administration for a capital reserve fund in connection with the issuance of bonds, notes, or other obligations of the Administration in connection with the financing of one or more infrastructure projects.

secured by the capital reserve fund; and

issued in connection with financing infrastructure projects.

money appropriated in the State budget for the purposes of the capital reserve fund;

proceeds of a sale of bonds, notes, or other obligations of the Administration or the State;

investment earnings of the capital reserve fund; and

any other money from any other source accepted for the benefit of a capital reserve fund.

If the balance of a capital reserve fund is less than the minimum capital reserve requirement established by the Administration for that fund, the Administration:

If available operating revenue generated by infrastructure projects and funds provided by the State are insufficient to replenish a capital reserve fund as required under paragraph (1) of this subsection, the Administration shall request that the Comptroller advance the contingent funding to replenish the capital reserve fund as provided in the Local Government Infrastructure Financing Program Capital Reserve Fund Loan of 2009 (Chapter 719 (S.B. 932/H.B. 1330) of the Acts of the General Assembly of 2009) or any other bond bill enabling act for this purpose.

Except as provided in paragraph (2) of this subsection, the Administration may not issue bonds, notes, or other obligations secured in whole or in part by a capital reserve fund if on issuance the amount in the capital reserve fund will be less than the minimum capital reserve requirement.

The limitation under paragraph (1) of this subsection does not apply if at the time of issuance an amount is deposited in the capital reserve fund so that on issuance the total amount in the capital reserve fund will be at least equal to the minimum capital reserve requirement.

To finance community development projects, public purpose projects, or residential mortgage loans, the Administration may purchase or issue securities that are backed by mortgage loans and guaranteed by the Government National Mortgage Association or a government–sponsored enterprise.

To finance business projects, the Administration may purchase or issue securities that are backed by loans or other obligations.

Notwithstanding inconsistent provisions of this subtitle relating to bonds or notes that the Administration purchases or issues, the issuance, terms, and conditions of a security that the Administration issues under this section may be as the Administration finds necessary or desirable for guaranty by:

Except as provided by paragraph (1) of this subsection, the provisions of this subtitle that relate to bonds or notes issued by the Administration apply to securities purchased or issued under this section.

In this section the following words have the meanings indicated.

“Mortgage loan” includes a loan to:

“Reverse equity mortgage loan” includes a loan that uses the equity in a home as collateral.

The Administration may make, participate in making, and undertake a commitment for:

The Secretary shall determine the terms and qualifications for financial assistance under paragraph (1) of this subsection.

In accordance with § 4–213 of this subtitle, the Administration may make, participate in making, purchase, and undertake a commitment for:

Financial assistance to purchase a dwelling unit in a community development project or public purpose project under paragraph (1)(i) of this subsection may include a temporary loan or advance and a permanent direct mortgage loan to a family of limited income, if otherwise required by law.

Housing related expenses under paragraph (1)(ii) of this subsection include personal expenses that enable the owner to continue to occupy the owner’s home.

A commitment, mortgage, bond, or secured note shall contain terms and conditions necessary to secure repayment of its loan, the interest on it, and other charges in connection with the loan.

Subject to any agreement with noteholders or bondholders, the Administration may consent to the modification of the interest rate, time of payment of any installment of principal or interest, security, or any other term, of a mortgage, mortgage loan, reverse equity mortgage loan, mortgage loan commitment, or reverse equity mortgage loan commitment, contract, or agreement to which the Administration is a party.

the Administration may:

in a manner to protect the interests of the Administration, the Administration may:

This subsection does not apply to a lien held in connection with a public purpose project.

The Administration may not lend money on the security of property unless the lien on the property is superior to all other liens, except for:

sell any mortgage or other obligation that it holds, at public or private sale, with or without public bidding; and

retain the servicing rights and charge servicing fees for any mortgage or other obligation the Administration sells.

has an office in the State; and

makes or originates residential mortgage loans;

purchase or commit to purchase, from a mortgage lender that is eligible under § 4–236 of this subtitle, a note, mortgage, or partial interest in a note or mortgage that evidences:

make a loan to an eligible mortgage lender in accordance with this subtitle;

finance, with proceeds of its revenue bonds or notes, all or part of a mortgage purchase program or a loan to a mortgage lenders program; and

take any action necessary or convenient to carry out this subsection, including:

procedures to submit requests for the purchase or sale of mortgage loans or for loans to the eligible mortgage lenders;

restrictions as to the number of family units, locations, or other qualifications or characteristics of dwellings to be financed by residential mortgage loans;

restrictions as to:

restrictions on maturities and other terms of loans made from the proceeds of purchases of mortgage loans or from the proceeds of loans to eligible mortgage lenders;

requirements as to the application by eligible mortgage lenders of the proceeds of the purchases or loans;

schedules of fees and charges necessary to provide for expenses and reserves of the Administration;

standards for allocating money among areas of the State and among eligible mortgage lenders; and

provisions on warranties, representations, certifications, rights of inspection and audit, program sanctions, and other methods of ensuring compliance with the terms of purchase commitments and loans.

New mortgage loans that the Administration purchases shall be loans to:

A commitment that the Administration makes to purchase new mortgage loans shall specify:

For any residential mortgage loans to be used to acquire homes for families of limited income, the commitment shall be limited to loans of a specified amount per dwelling unit, based on the current average sale price of new homes in the area, as determined by the Administration.

reinvested, within specified time limits, in new mortgage loans to:

invested in short-term obligations pending the purchase or making of the mortgages.

A loan from the Administration to an eligible mortgage lender shall require the eligible mortgage lender to make mortgage loans in principal amounts that add up to at least the amount of the loan from the Administration to:

After receiving the loan from the Administration, the eligible mortgage lender shall commit the amount of the mortgage loans required by paragraph (1) of this subsection within the time the Administration sets.

A loan from the Administration to a mortgage lender is a general obligation of the mortgage lender as to repayment of principal and interest.

Repayment of principal and interest shall be secured by a pledge of and lien on collateral security in an amount that the Administration by regulation determines to be necessary to secure the loan.

The collateral security shall consist of:

The Administration shall require that:

The security agreement shall:

A copy of each security agreement shall be filed with the Secretary of State.

Further filing or other action under the Commercial Law Article or any other law of the State is not required to perfect the security interest of the Administration in the collateral or its proceeds or in any addition to or substitution for the collateral or its proceeds.

Once filed, liens and trusts created for the benefit of the Administration under this subsection are binding against each person with a claim against the mortgage lender.

The Administration may establish additional requirements for pledging, assigning, setting aside, or holding the collateral, and making substitutions for or additions to it, and disposing of interest and income from it.

Notwithstanding any other law, a loan to a mortgage lender and the collateral for it are not subject to §§ 17–101 and 17–102 of the Local Government Article or to § 6–202, § 6–205, § 6–206, § 6–209, or § 6–210 of the State Finance and Procurement Article.

the proceeds of purchase of a mortgage loan by the Administration; or

the proceeds of a loan from the Administration.

if the homeowner’s primary residence is located in a sustainable community, for the purchase or rehabilitation of the homeowner’s primary residence;

for the refinancing of a residential mortgage loan of the homeowner if the loan was made by the Department or Administration; or

for either of the purposes specified in § 4–237(a)(1)(v) of this subtitle.

money appropriated by the General Assembly;

the proceeds of a State loan to the extent provided by the General Assembly or a governmental unit authorized to issue bonds;

the proceeds of the bonds, notes, or other evidences of indebtedness that the Administration issues, payable solely from revenues of the Administration as provided in this part; or

any other money available to the Administration for community development under this subtitle:

Except as otherwise provided in a determination made under this section, the Administration shall deposit with the State Treasurer any money that it does not need to meet current expenses and obligations.

The State Treasurer shall:

The Administration may:

Bonds or notes may be issued only if:

Without any other proceeding, action, or approval, the determination is effective when approved by the Secretary and is conclusive.

the date, amount, and manner of issue, including private sale;

the date of maturity, which:

the price to be paid, whether above, at, or below par, the interest rate to be paid, and the dates of payment;

the form, denomination, and manner of execution, which may be by facsimile;

the place of payment, which may be any bank or trust company in or out of the State;

whether they are redeemable before maturity and, if so, the terms, conditions, and prices of the redemption; and

any other matter relating to the form, terms, conditions, security, issuance, sale, delivery, replacement, and indemnification in connection with replacement or payment.

issue its bonds or notes in coupon or registered form or both; and

provide for:

the consent of another governmental unit of the State; or

a proceeding, or the occurrence of a condition, other than those that this section expressly requires.

Bonds or notes that the Administration issues may be secured by a trust agreement between the Administration and a trustee that is in or out of the State.

A trustee shall be a trust company or a bank with trust powers.

subject to then–existing agreements with bondholders or noteholders, provisions to secure payment of bonds or notes by pledging or assigning:

provisions to protect and enforce rights and remedies of bondholders or noteholders, and covenants stating the duties of or restrictions on the Administration;

provisions restricting the rights of bondholders or noteholders;

provisions that appoint one or more trust companies or banks with trust powers to act as depositaries of the proceeds of bonds or notes or of any revenues or money of the Administration, with any indemnifying bonds or securities required by the Administration allowed to be given or pledged by any depositary bank or trust company incorporated in the State;

provisions on the custody, safeguarding, and application of money of the Administration;

provisions on investments of money of the Administration as the Administration provides, notwithstanding §§ 17–101 and 17–102 of the Local Government Article and §§ 6–202, 6–205, 6–206, 6–209, and 6–210 of the State Finance and Procurement Article;

provisions that establish and control all aspects of reserves, including debt service reserves;

provisions for funding or refunding bonds or notes, including redemption premiums and interest; and

any other provisions that are reasonable and proper for the security of bondholders or noteholders.

The interest rate or rates on and the terms of any loans and the revenues from the terms of any other assets that are financed from the proceeds of bonds or notes of the Administration, any fees that the Administration charges, and any other available revenues shall be at least sufficient to ensure repayment in full of the principal of and interest on the bonds or notes as and when due.

Any pledge that the Administration makes is valid and binding from the time the pledge is made.

immediately attaches, without any physical delivery or further act, to revenues or property so pledged and later received by the Administration; and

is valid and binding against each person having a claim against the Administration whether or not:

the redemption price at the time of the purchase, plus accrued interest to the next interest payment date, if the note or bond is redeemable, at the time of the purchase; or

the redemption price on the first date after the purchase on which the note or bond becomes redeemable, plus accrued interest to that date, if the note or bond is not redeemable at the time of the purchase.

a public officer, a political subdivision, or a governmental unit;

a bank, trust company, savings and loan association, investment company, or other person doing a banking business;

an insurance company, insurance association, or other person doing an insurance business;

a personal representative, guardian, trustee, or other fiduciary; or

any other person.

is not a debt of and does not pledge the faith, credit, or taxing power of the State, the Administration, or a political subdivision; but

is payable only from the revenues and property provided for in this subtitle.