SPIRO T. AGNEW, Governor                          813

commission. The validity of the authorization and issuance of any
bonds by the commission shall not be dependent upon or affected in
any way by: (1) the disposition of bond proceeds by the commission
or by contract, commitment or action taken with respect to such
proceeds; or (2) the failure to complete any part of the project for
which bonds are authorized to be issued. The commission may issue
bonds in one or more series and may provide for one or more consoli-
dated bond issues, in such principal amounts and with such terms
and provisions as the commission may deem necessary. The bonds
may be secured by a pledge of all or any part of the prop-
erty, revenues, and franchises under its control. Bonds may be issued
by the commission in such amount, with such maturities and in such
denominations and form or forms, whether coupon or registered, as
to both principal and interest, as may be determined by the commis-
sion. The commission may provide for redemption of bonds prior to
maturity on such notice and at such time or times and with such
redemption provisions, including premiums, as the commission may
determine.

13.6—Bonds, Resolutions and Indentures Generally. The commis-
sion may determine and enter into indentures providing for the
principal amount, date or dates, maturities, interest rate, denomi-
nations, form, registration, transfer, interchange, and other provi-
sions of the bonds and coupons and the terms and conditions upon
which the same shall be executed, issued, secured, sold, paid, re-
deemed, funded, and refunded. The resolution of the commission
authorizing any bond or any indenture so authorized under which
the bonds are issued may include all such covenants and other pro-
visions other than any restriction on the regulatory powers vested
in the commission by this compact as the commission may deem
necessary or desirable for the issue, payment, security, protection,
or marketing of the bonds, including without limitation covenants
and other provisions as to the rates or amounts of fees, rents, and
other charges to be charged or made for use of the facilities; the use,
pledge, custody, securing, application, and disposition of such rev-
enues, of the proceeds of the bonds, and of any other moneys of the
commission; the operation, maintenance, repair, and reconstruction
of the facilities and the amounts which may be expended therefor;
the sale, lease, or other disposition of the facilities; the insuring of
the facilities and of the revenues derived therefrom; the construction
or other acquisition of other facilities; the issuance of additional
bonds or other indebtedness; the rights of the bondholders and of
any trustee for the bondholders upon default by the commission or
otherwise; and the modification of the provisions of the indenture
and of the bonds. Reference on the face of the bonds to such resolu-
tion or indenture by its date of adoption or the apparent date on the
face thereof is sufficient to incorporate all of the provisions thereof
and of this compact into the body of the bonds and their appurtenant
coupons. Each taker and subsequent holder of the bonds or coupons,
whether the coupons are attached to or detached from the bonds, has
recourse to all of the provisions of the indenture and of this compact
and is bound thereby.

13.7—Maximum Maturity. No bond or its terms shall mature in
more than fifty years from its own date, or on any date subsequent
to the duration of this compact, and in the event any authorized issue
is divided into two or more series or divisions, the maximum matur-