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Session Laws, 1965
Volume 676, Page 1083   View pdf image (33K)
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J. MILLARD TAWES, Governor                       1083

like manner be issued to provide the amount of such deficit, and,
unless otherwise provided in the resolution authorizing the issuance
of such bonds or in the trust agreement securing the same, shall be
deemed to be of the same issue and shall be entitled to payment from
the same fund, without preference or priority of the bonds first issued.
If the proceeds of the bonds of any issue shall exceed the cost of
the housing unit or housing units for which the same shall have
been issued, the surplus shall be deposited to the credit of the sink-
ing fund for such bonds.

(c)  Prior to the preparation of definitive bonds, said Board of
Trustees may, under like restrictions, issue interim receipts or tem-
porary bonds, with or without coupons, exchangeable for definitive
bonds when such bonds shall have been executed and are available
for delivery. Said Board of Trustees may also provide for the replace-
ment of any bonds which shall become mutilated or shall be de-
stroyed or lost.

At any one time, under the provisions of these Sections 165A to
165J, inclusive, there shall not be issued an outstanding maximum
amount of bonds and refunding bonds which in the aggregate
exceeds the sum of ten million ($10,000,000)
TWO MILLION
($2,000,000) dollars.

(d)  Bonds may be issued under the provisions of Sections 165A-
165J, inclusive, of this sub-title without obtaining the consent of any
department, division, commission, board, bureau, or agency of the
State, and without any other proceedings or the happening of any
other conditions or things than those proceedings, conditions or
things which are specifically required by the provisions of Sections
165A-165J, inclusive, of this sub-title. The provisions of Sections
9-11, inclusive, of Article 31 of the Annotated Code of Maryland
(1957 Edition), and any amendments thereto, shall not apply to
revenue bonds issued under the provisions of Sections 165A-165J,
inclusive, of this sub-title.

(e)  Any bonds issued under the authority of Sections 165A-165J,
inclusive, of this sub-title shall not create or constitute any indebted-
ness or obligation of the State of Maryland or of any political sub-
division thereof, except said Board of Trustees, either legal, equita-
ble, moral or otherwise, and the bonds shall so state on their face;
nor shall such bonds constitute a debt or obligation contracted by
the General Assembly or pledge the faith and credit of the State
within the meaning of Section 34 of Article III of the Constitution
of the State.
Only SUBJECT TO THE PROVISIONS OF SUB-SEC-
TION 165C (F), ONLY fees, rents, charges and revenues received
from the use of the housing unit or housing units constructed from
the proceeds of the bonds issued under the provisions of Sections
165A-165J, inclusive, of this sub-title shall be used or appropriated
for the payment of the interest on or the principal of such bonds; pro-
vided, however, that all or any part of the fees, rents, charges and
revenues received from the use of the related facilities in the housing
unit or housing units constructed from the proceeds of the bonds
issued under the provisions of Sections 165A-165J, inclusive, of this
sub-title, may at the option of said Board of Trustees be excluded
from such use and appropriation; and provided, further, that prior
to and during construction and for one year after completion of con-
struction of any housing unit or housing units for which bonds have


 

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Session Laws, 1965
Volume 676, Page 1083   View pdf image (33K)
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