Section 7-306 - Governmental participation in financing.
§ 7-306. Governmental participation in financing.
(a) State and political subdivisions may participate.- Subject to constitutional limitations, this State and its political subdivisions may:
(1) Make grants to the Administration;
(2) Guarantee any obligations of the Administration;
(3) Make contributions to meet any operating expenses of the Administration; and
(4) Contract with the Administration, any lender, or any trustee under an indenture or loan agreement made by the Administration.
(b) Administration may not impose obligations on State or its subdivisions or levy any tax.- Unless otherwise authorized by law, the Administration:
(1) Does not have any power to impose any commitment or obligation on this State or any of its political subdivisions; and
(2) May not levy any tax.
[An. Code 1957, art. 64B, § 13; 1977, ch. 13, § 2.]