Payments, effect, terms, conditions, security, etc., of revenue bonds.
Revenue bonds issued and sold by the Town of Pittsville, whether or
not the full faith and credit of the town has been pledged, shall
be made payable, both as to principal and interest, solely from the
income, rentals, proceeds, revenues and funds of the town derived
from the particular project, undertaking or property in connection
with which such bonds were authorized and issued, except that payment
of such bonds, both as to principal and interest, may be further secured
by the pledge of any part or all of any taxes in the form of special
assessments upon property in a limited and determinable area connected
or associated with or specially benefited by the particular project,
undertaking or property, or by a mortgage of all or any part of such
particular project, undertaking or property, if title thereto is held
by the town, and except that, in case of an issuance of revenue bonds
for constructing, improving, equipping and acquiring parking facilities
of every type and description (which facilities may include roads,
streets, runways, waterways and bridges facilitating the movement
of all traffic in the vicinity of parking areas), such ordinance and
any trust indenture or mortgage executed pursuant thereto shall establish
the security for such revenue bonds, which security may include, in
addition to other security permitted by law, the assignment and pledge,
in whole or in part, of rates, rentals, fees, charges or other revenues,
then being or thereafter to be received by the town from parking facilities,
including but not limited to collections from parking meters on public
thoroughfares; and an agreement by the town to pay any deficiency
in the debt service requirements of such revenue bonds for any year
in which there is a deficit, provided that any such payment under
any agreement or agreements shall not exceed but shall be limited
and restricted to the sum which would be received from a tax of two
cents ($0.02) per hundred dollars on the assessable basis of the town
for any one year. In addition, the town may enter into a trust agreement
or trust indenture with any band or trust company authorized to do business in Maryland and may make in such instrument such covenants and commitments as may be required by any purchaser for the adequate security of said revenue bonds. Revenue bonds issued under this section shall not constitute an indebtedness within the meaning of §
PC-94 hereof and are hereby specifically exempted from the restrictions contained in Sections 9, 10 and 11 of Article 31 of the Annotated Code of Maryland, 1957 Edition, as amended. Revenue bonds issued under this section shall be authorized by ordinance and issued in one (1) or more series and bear such date or dates, mature at such time or times, bear interest at such rate or rates, not exceeding six per centum (6%) per annum, be in such denomination or denominations, be in such form either with or without coupons or registered, carry such registration privileges, have such rank or priority, be executed in such manner, be payable in such place or places, be subject to such terms of redemption (with or without premium), be secured in such manner and have such other characteristics as may be provided by such ordinances or the trust indenture or mortgage executed pursuant thereto and, in case of an issuance of revenue bonds for industrial development, shall set forth the precise terms and conditions upon which the town shall have agreed to provide a plant or plants or other necessary facilities therefor, as provided by the Commissioners, which terms and conditions may include: