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Maryland Manual, 1969-70
Volume 174, Page 724   View pdf image (33K)
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724 MARYLAND MANUAL
for the purpose of providing funds for paying the cost of
all or any part of a development or developments of the
Authority. Such bonds and any interest coupons to be
attached thereto shall be executed in such manner as may
be determined by the Authority.
(2) The bonds of each series issued under the provisions
of this section shall bear interest at a net rate or rates not
exceeding six per centum (6%) per annum, payable semi-
annually, and shall be stated to mature at such time or
times, not exceeding forty (40) years from their date, as
may be determined by the Authority.
(3) The proceeds of the bonds of each series issued under
the provisions of this section shall be paid to the trustee
under the trust agreement securing such bonds and shall
be disbursed in such manner and under such restrictions, if
any, as may be provided in such trust agreement.
(4) Revenue bonds issued under the provisions of this
section shall not be deemed to constitute a debt of the State
or of any political subdivision thereof or a pledge of the
faith and credit of the State or of any such political sub-
division, but such bonds shall be payable solely from the
funds herein provided therefor from revenues of the devel-
opment or developments and, in the event the trustee under
the trust agreement securing such bonds holds any addi-
tional security for the payment of the same, from the pro-
ceeds of such security. All such revenue bonds shall contain
on the face thereof a statement to the effect that neither
the Authority nor the State nor any political subdivision
thereof shall be obligated to pay the same or the interest
thereon except from revenues and, in case the trustee
under the trust agreement securing such bonds holds other
security for the payment of the same or the interest there-
on, a statement to the effect that neither the Authority nor
the State or any political subdivision thereof is pledged to
the payment of the principal of or the interest on such
bonds.
(5) The Authority shall determine the form of the bonds
of each series issued under this section, including any inter-
est coupons to be attached thereto, the date of the bonds,
the denomination or denominations of the bonds, and the
place or places of payment of principal and interest, which
may be at any bank or trust company within or without
the State of Maryland. The bonds of each such series may
be made redeemable before their maturity or maturities, at
the option of the Authority, at such price or prices and

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Maryland Manual, 1969-70
Volume 174, Page 724   View pdf image (33K)
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