1266                            LAWS OF MARYLAND                     [CH. 553

9.    DEVELOPMENT FUNDS

(1)   The Authority shall have the power and authority to meet the
the cost of any development through the expenditure of funds appro-
priated pursuant to this Act; through the expenditure of subsequent
appropriations made by the Legislature for this purpose; through
the expenditure of the proceeds of any State loan to the extent pro-
vided by the Legislature or any agency or authority authorized to
issue bonds therefor; through the issuance of bonds, notes, or other
evidences of indebtedness for that purpose, payable solely from
revenues derived from such development or developments; and from
any other funds which may be made available to the Authority for
the purposes of development under this Act from its own operations
or from any other source or sources.

(2)  Any funds of the Authority not needed currently to meet the
expenses and obligations of the Authority shall be deposited with the
State Treasurer to the credit of the Authority and invested by him
in such manner as is provided by statute.

(3)   The State Treasurer shall render annual reports to the
Authority advising the members of the Authority of the status of
the funds invested, the market value of the assets in the fund as of
the date such statement is rendered, and the interest received from
the investments during the period covered by the report.

10.    REVENUE BONDS

(1)   The Authority is hereby authorized and empowered to provide
by resolution for the issuance at one time, or in series from time to
time, of revenue bonds of the Authority 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 semiannually, 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 man-
ner 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 subdivision, but such bonds shall be payable
solely from the fu