812                              LAWS OF MARYLAND                      [CH. 391

72.

Article 13

Capital Financing

13.1—Borrowing Power. The commission may borrow money for
any of the purposes of this compact and may issue its negotiable
bonds and other evidences of indebtedness in respect thereto.

All such bonds and evidences of indebtedness shall be payable
solely out of the properties and revenues of the commission without
recourse to taxation. The bonds and other obligations of the commis-
sion, except as may be otherwise provided in the indenture under
which they were issued, shall be direct and general obligations of the
commission, and the full faith and credit of the commission are
hereby pledged for the prompt payment of the debt service thereon
and for the fulfillment of all other undertakings of the commission
assumed by it to or for the benefit of the holders thereof.

13.2—Funds and Expenses. The purposes of this compact shall
include without limitation thereto all costs of any project or facility
or any part thereof, including interest during a period of construc-
tion and a reasonable time thereafter and any incidental expenses
(legal, engineering, fiscal, financial consultant, and other expenses)
connected with issuing and disposing of the bonds; all amounts re-
quired for the creation of an operating fund, construction fund, re-
serve fund, sinking fund, or other special fund; all other expenses
connected with the planning, design, acquisition, construction, com-
pletion, improvement, or reconstruction of any facility or any part
thereof; and reimbursement of advances by the commission or by
others for such purposes and for working capital.

13.3—Credit Excluded; Officers, State and Municipal. The com-
mission shall have no power to pledge the credit of any signatory
party or of any county or municipality, or to impose any obligation
for payment of the bonds upon any signatory party or any county or
municipality. Neither the commissioners nor any person executing
the bonds shall be liable personally on the bonds of the commission or
be subject to any personal liability or accountability by reason of the
issuance thereof.

13.4—Funding and Refunding. Whenever the commission deems
it expedient, it may fund and refund its bonds and other obligations,
whether or not such bonds and obligations have matured. It may
provide for the issuance, sale, or exchange of refunding bonds for
the purpose of redeeming or retiring any bonds (including payment
of any premium, duplicate interest, or cash adjustment required in
connection therewith) issued by the commission or issued by any
other issuing body, the proceeds of the sale of which have been ap-
plied to any facility acquired by the commission or which are payable
out of the revenues of any facility acquired by the commission.
Bonds may be issued partly to refund bonds and other obligations
then outstanding, and partly for any other purpose of the commis-
sion. All provisions of this compact applicable to the issuance of
bonds are applicable to refunding bonds and to the issuance, sale, or
exchange thereof.

13.5—Bonds: Authorization Generally. Bonds and other indebt-
edness of the commission shall be authorized by resolution of the