Maryland Department of Business and Economic Development Section 5-926

      (a)      In order to accomplish the purposes of this subtitle, in addition to any other powers it may have and notwithstanding any limitation of law, the Authority, on behalf of the State, may issue and sell bonds as provided in and in accordance with the Maryland Economic Development Revenue Bond Act and this subtitle.

      (b)      The Authority may accomplish the acquisition of 1 or more facilities from the proceeds of the sale of its bonds by 1 or more of the methods described in the Maryland Economic Development Revenue Bond Act.

      (c)      The Authority may issue its bonds without obtaining the consent of any other unit of State government, and without any proceedings, or the occurrence of any conditions, other than those expressly required by this subtitle. Prior to the issuance of any bonds by the Authority, the Authority shall notify the State Board of Public Works of its intention to issue the bonds up to a stated amount and the Board of Public Works may coordinate the issuance of the bonds with any intended issuance of bonds of the State, its agencies, and public instrumentalities; however, the failure to notify the Board of Public Works shall not affect in any way:

            (1)      The validity or enforceability of any bonds issued by the Authority;

            (2)      The validity of any finding or determination by the Authority under this subtitle; or

            (3)      The validity or enforceability of any agreement entered into by the Authority under this subtitle.

      (d)      (1)      When bonds are issued by the Authority, it is in the interest of the public welfare and purpose that the Authority attempt to achieve a goal that 10 percent of the facility users are minority business enterprises as defined under § 14-301 of the State Finance and Procurement Article.

            (2)      The failure to achieve the goal set out under paragraph (1) of this subsection shall not affect in any way:

                  (i)      The validity or enforceability of any bonds issued by the Authority;

                  (ii)      The validity of any finding or determination by the Authority under this subtitle; or

                  (iii)      The validity or enforceability of any agreement entered into by the Authority under this subtitle.

      (e)      Except for the Authority's insurance (if any), bonds issued by the Authority and the interest on them are limited obligations of the Authority, the principal of, premium, if any, and interest on which are payable solely (except for bond anticipation notes and notes in the nature of commercial paper) from revenues or moneys to be received in connection with the financing or refinancing of a facility and from any other moneys made available to the Authority for such purpose. Neither the bonds issued by the Authority nor the interest thereon shall ever constitute an indebtedness or a charge against the general credit or taxing powers of the State, the Department, the Authority or any other public body within the meaning of any constitutional or charter provision or statutory limitation and neither shall ever constitute or give rise to any pecuniary liability of the State, the Department, the Authority or any other public body. Each bond issued by the Authority, on its face, may plainly state that it has been issued under the provisions of the Maryland Economic Development Revenue Bond Act and this subtitle and that it does not constitute an indebtedness to which the faith and credit of the State, the Department, the Authority or any other public body is pledged.

      (f)      Bonds issued by the Authority shall be exempt from taxation by the State and by its several counties and municipalities as provided in the Maryland Economic Development Revenue Bond Act.

      (g)      Facilities financed with the proceeds of bonds issued by the Authority are not subject to the requirements of any law regarding competitive bidding.