(a) In order to finance or refinance, in whole or in part, the cost of acquisition, development, or redevelopment, including the comprehensive renovation or rehabilitation, of land or property for residential, commercial, or industrial purposes and related activities in accordance with this subtitle, the Authority may issue bonds. (b) (1) The bonds: (i) may not constitute a debt of the county or a pledge of the faith and credit of the county, the State, or any political subdivision of the State; (ii) may not be considered obligations of the county for purposes of any debt limitation imposed on the county under any constitutional, statutory, or other charter provision; and (iii) shall be approved by the governing body of the county prior to their issuance. (2) The bonds, the borrowing which they represent, and the undertaking which is being financed or refinanced are not subject to any referendum requirements of the charter of the county. (c) (1) The bonds may be made payable as to principal, interest, and redemption premium as determined in accordance with local law, including from income, receipts, proceeds, revenues, and funds of the Authority derived from or available or to be available in connection with any undertaking for the accomplishment of the purposes and objectives mentioned in or contemplated by this subtitle, including: (i) the proceeds of loans, grants, or contributions from the United States of America, the State of Maryland, or any department or agency thereof, any funds of the county that may be lawfully available, or any other source and compensation paid from appropriated funds by the county for land or property retained by the county; or (ii) any contract or agreement or rights thereunder between the United States, the State of Maryland, or any department or agency thereof, or any other public or private entity or individual, and the Authority with respect to any undertakings for the accomplishment of the purposes and objectives mentioned in or contemplated by the provisions of this subtitle. (2) Payment of the bonds, as to principal, interest, and redemption premium, may be further secured by a mortgage of all or any part of land, property, or development or redevelopment projects, title to which is in the Authority or any other public or private entity or individual, as determined in accordance with local law. (d) By resolution, the Authority may determine all matters with respect to the issuance, sale, delivery, and payment of and for the bonds, including the issue date or dates, maturity or maturities, interest rate or rates or manner of determining interest, 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, security, and the forms of any necessary or appropriate documents, including trust indentures, escrow agreements, and mortgages. (e) (1) Notwithstanding the provisions of subsection (b) of this section and to the extent not inconsistent with any constitutional or charter provision or public general law, any issue of bonds may be guaranteed, in whole or in part, as to payment of principal, interest, or redemption premium, by and upon the full faith and credit of the county. (2) The guarantee of the county by and upon the full faith and credit of the county concerning the payment of the principal of, or interest or redemption premium on, any bonds is subject to any applicable referendum requirements of the charter of the county. (f) 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 any county, municipal corporation, or public agency of any kind. (g) The bonds are exempt from the provisions of §§ 19-205 and 19-206 of the Local Government Article. (h) (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 the Authority's 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. (i) (1) Unless the bonds are guaranteed by and upon the full faith and credit of the county and are approved in a referendum by the voters of the county in accordance with subsection (e) of this section, the Authority may not issue bonds under this section until after the Authority has held a public hearing in the county on the proposed bonds. (2) The Authority shall notify the Baltimore County Delegations of the House of Delegates and the Senate of Maryland of a proposed issuance of bonds at least 2 weeks before holding the public hearing required under paragraph (1) of this subsection.
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