§ (50). Revenue bonds and obligations.

(a) Authority to issue.

To borrow money to finance undertakings for the accomplishment of any of the purposes, objects and powers of the Mayor and City Council of Baltimore and in connection therewith to issue bonds, notes or other obligations (including refunding bonds, notes or other obligations), all of which shall be fully negotiable, payable, as to both principal and interest, solely from and secured solely by a pledge of

(1) the revenues from or arising in connection with the property, facilities, developments and improvements whose financing is undertaken by issuance of said bonds, notes or other obligations,

(2) the revenues from or arising in connection with any contracts, mortgages or other securities purchased or otherwise acquired with the proceeds of those bonds, notes or other obligations,

(3) the contracts, mortgages or other securities purchased or otherwise acquired with the proceeds of those bonds, notes or other obligations, or

(4) any combination of (l), (2), or (3).

Any and all of such bonds, notes or other obligations shall not be general obligations of the Mayor and City Council of Baltimore and shall not be a pledge of or involve the faith and credit or the taxing power of the Mayor and City Council of Baltimore, and shall not constitute a debt of the Mayor and City Council of Baltimore, all within the meaning of Section 7 of Article XI of the Constitution of Maryland or within the meaning of any other constitutional, statutory or charter provision limiting or restricting the sale or issuance of bonds, notes or other obligations of the Mayor and City Council of Baltimore.

The obligations authorized by the provisions of this subsection (50), and the bonds issued and sold pursuant thereto and their transfer, and the principal and interest payable thereon (including any profit made in the sale thereof) shall be and remain exempt from any and all State, county and municipal taxation in the State of Maryland.

(b) Enabling ordinance.

Any and all such bonds, notes or other obligations shall be issued by the Mayor and City Council of Baltimore pursuant to an ordinance of said municipality without the necessity of submitting the question of such issuance to the legal voters of Baltimore City for approval or disapproval. Any such ordinance may prescribe, among other things but not limited to, the form, terms, provisions, manner or method of issuing and selling (including negotiated as well as competitive bid sale), and the time or times of issuance, and any and all other details of any such bonds, notes or other obligations and the issuance and sale thereof, and may authorize and empower the Commissioners of Finance {Board of Finance} by resolution to determine and set forth any and all of the things hereinabove mentioned and to do any and all things necessary, proper or expedient in connection with the issuance and sale of such notes, bonds or other obligations authorized to be issued under the provisions of this subsection (50).

Any moneys from the bonds, notes or other obligations authorized under this subsection (50) shall not be expended for projects within the limits of Baltimore County without the express consent of the County Executive and County Council of Baltimore County.

Bonds, notes or other obligations authorized to be issued under the provisions of this subsection (50) by an ordinance of the Mayor and City Council of Baltimore may be secured by a trust agreement by and between the Mayor and City Council of Baltimore and a corporate trustee, which may be any trust company, or bank having trust powers, within or without the State.

The ordinance may

(1) approve the form of the agreement,

(2) authorize the Commissioners of Finance {Board of Finance} to approve the form of the trust agreement or

(3) provide that counterparts of that ordinance may be executed by the appropriate parties so as to constitute a trust agreement.

The trust agreement, or the authorizing ordinance, may pledge or assign all or any part of

(1) the revenues from or arising in connection with the property, facilities, developments and improvements whose financing is undertaken by issuance of the bonds, notes or other obligations,

(2) the revenues from or arising in connection with any contracts, mortgages or other securities purchased or otherwise acquired with the proceeds of the bonds, notes or other obligations, or

(3) the contracts, mortgages or other securities purchased or otherwise acquired with the proceeds of the bonds, notes or other obligations, or

(4) any combination of (1), (2), or (3).

Any such trust agreement or ordinance authorizing the issuance of bonds may contain whatever provisions for the protection and enforcement of the rights and remedies of the bondholders as may be deemed reasonable and proper. The trust agreement may set forth the rights and remedies of the bondholders of the trustee and may restrict the individual right of action by bondholders. In addition to the foregoing, the trust agreement may contain whatever other provisions as the Mayor and City Council of Baltimore may deem reasonable and proper for the security of the bondholders.

All expenses incurred in carrying out the provisions of the trust agreement or ordinance may be treated as part of the cost of the financing of any project or projects in connection with which the bonds have been issued.

(d) Enforcement of rights by holders or trustee.

Any holder of bonds, notes or other obligations issued under this subsection (50), or of any of the coupons appertaining to those bonds, and the trustee, except to the extent the rights herein given may be restricted by the trust agreement, either at law or in equity, by suit, action, mandamus or other proceedings, may protect and enforce any and all rights under the laws of this State or granted hereunder or in the ordinance authorizing the issuance of those bonds, notes or other obligations or under the trust agreement, and may enforce and compel the performance of all duties required by this subsection (50) or in the ordinance authorizing the issuance of those bonds, notes or other obligations or by the trust agreement to be performed by the Mayor and City Council of Baltimore or by any officer thereof.

(e) Convention Center facilities.

(1) Notwithstanding any other provision of this section, bonds, notes or other obligations (including refunding bonds, notes or other obligations) issued under this section to finance or refinance the acquisition, demolition, construction, renovation, expansion, improvement, furnishing or equipping of convention center facilities may be payable, as to both principal and interest, from revenues and receipts from the hotel room tax, provided that such revenues and receipts may not be irrevocably pledged to the payment of such principal and interest and the obligation to pay such principal and interest from such revenues and receipts shall be subject to annual appropriation by the Mayor and City Council of Baltimore.

The trust agreement or the authorizing ordinance may pledge or assign:

(i) all or any part of such revenues and receipts, but only to the extent such revenues and receipts are appropriated by the Mayor and City Council of Baltimore to the payment of such principal and interest; and

(ii) any fund into which all or any part of such revenues and receipts are deposited after such revenues and receipts are appropriated by the Mayor and City Council of Baltimore to the payment of such principal and interest.

(2) As used in this subsection, "convention center facilities" means:

(i) convention centers, trade show facilities, meeting halls, or other structures in Baltimore City used for the holding of conventions, trade shows, meetings, displays, or similar events, including, without limitation, the Baltimore City Convention Center;

(ii) offices, parking lots, garages, access roads, hotels, restaurants, railroad sidings, and any other property, structures, furnishings or equipment functionally related to the facilities described in subparagraph (i) of this paragraph; and

(iii) other facilities and properties used or useful or having present capacity for future use as, or in connection with, convention center facilities, including, without limitation:

1. land, buildings, structures, machinery, equipment and all properties and rights therein and appurtenances thereof, and rights-of-way, franchises, easements, and other interests in land;

2. all land and facilities that are functionally related to a convention center facility; and

3. all patents, licenses and other rights necessary or useful in the construction or operation of a convention center facility.

(3) As used in this subsection, "hotel room tax" means the hotel room tax levied by the Mayor and City Council of Baltimore pursuant to Article 28, Sections 37 through 42, inclusive, of the Baltimore City Code, as amended, replaced, or supplemented from time to time {Article 28, Subtitle 21, City Code (Edition 2000)}.