Ch. 330 LAWS OF MARYLAND

SHALL CEASE TO BE SUCH COMMISSIONERS OR OFFICERS BEFORE THE
DELIVERY OF SUCH BONDS, SUCH SIGNATURES SHALL, NEVERTHELESS,
BE VALID AND SUFFICIENT FOR ALL PURPOSES, THE SAME AS IF THEY
HAD REMAINED IN OFFICE UNTIL SUCH DELIVERY. ANY PROVISION OF
ANY LAW TO THE CONTRARY NOTWITHSTANDING, ANY BONDS ISSUED
PURSUANT TO THIS ARTICLE SHALL BE FULLY NEGOTIABLE.

(D) ANY BOND RECITING IN SUBSTANCE THAT IT HAS BEEN ISSUED
BY AN AUTHORITY TO AID IN FINANCING A HOUSING PROJECT TO
PROVIDE DWELLING ACCOMMODATIONS FOR PERSONS OF ELIGIBLE
INCOME SHALL BE CONCLUSIVELY DEEMED, IN ANY SUIT, ACTION, OR
PROCEEDING INVOLVING THE VALIDITY OR ENFORCEABILITY OF SUCH
BOND OR THE SECURITY THEREFOR, TO HAVE BEEN ISSUED FOR A
HOUSING PROJECT OF SUCH CHARACTER.

1-503.

(A) IN CONNECTION WITH THE ISSUANCE OF BONDS OR THE
INCURRING OF OBLIGATIONS UNDER LEASES AND IN ORDER TO SECURE
THE PAYMENT OF SUCH BONDS OR OBLIGATIONS, AN AUTHORITY, IN
ADDITION TO ITS OTHER POWERS, SHALL HAVE THE POWER:

(1) TO PLEDGE ALL OR ANY PART OF ITS GROSS OR NET
RENTS, FEES, OR REVENUES TO WHICH ITS RIGHT THEN EXISTS OR MAY
THEREAFTER COME INTO EXISTENCE;

(2) TO MORTGAGE ALL OR ANY PART OF ITS REAL OR
PERSONAL PROPERTY, THEN OWNED OR THEREAFTER ACQUIRED;

(3) TO COVENANT AGAINST PLEDGING ALL OR ANY PART OF
ITS RENTS, FEES, AND REVENUES, OR AGAINST MORTGAGING ALL OR
ANY PART OF ITS REAL OR PERSONAL PROPERTY, TO WHICH ITS RIGHT
OR TITLE THEN EXISTS OR MAY THEREAFTER COME INTO EXISTENCE,
OR AGAINST PERMITTING OR SUFFERING ANY LIEN ON SUCH REVENUES
OR PROPERTY; TO COVENANT WITH RESPECT TO LIMITATIONS ON ITS
RIGHT TO SELL, LEASE, OR OTHERWISE DISPOSE OF ANY HOUSING
PROJECT OR ANY PART THEREOF; AND TO COVENANT AS TO WHAT
OTHER OR ADDITIONAL DEBTS OR OBLIGATIONS MAY BE INCURRED BY
IT;

(4) TO COVENANT AS TO THE BONDS TO BE ISSUED AND AS TO
THE ISSUANCE OF SUCH BONDS IN ESCROW OR OTHERWISE, AND AS TO
THE USE AND DISPOSITION OF THE PROCEEDS THEREOF; TO PROVIDE
FOR THE REPLACEMENT OF LOST, DESTROYED, OR MUTILATED BONDS;
TO COVENANT AGAINST EXTENDING THE TIME FOR THE PAYMENT OF
ITS BONDS OR INTEREST THEREON; AND TO REDEEM THE BONDS, AND
TO COVENANT FOR THEIR REDEMPTION AND TO PROVIDE THE TERMS
AND CONDITIONS THEREOF;

(5) TO COVENANT, SUBJECT TO THE LIMITATIONS CONTAINED

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