MARVIN MANDEL, Governor                          413

LENDER, OR ANY TRUSTEE UNDER AN INDENTURE OR
LOAN AGREEMENT ENTERED INTO BY THE AUTHORITY
WITH RESPECT THERETO, BUT THE AUTHORITY SHALL
HAVE NO POWER TO IMPOSE ANY COMMITMENTS OR OBLI-
GATIONS UPON ANY SUCH GOVERNMENT AND MAY NOT
LEVY ANY TAX UNLESS AUTHORIZED BY LAW TO DO SO.

14.    Borrowing power; annual budget request.

(a)    In order to construct, add to and improve the transit facil-
ities of the District, the Authority may borrow money by issuing
negotiable revenue bonds for the purpose of defraying the costs of
the construction, additions or improvements.

(b)    For the purpose of financing, the Authority shall submit
annually to the Governor a program for development of the transit
facilities which is to be considered by the Governor in the same
manner as requests from other State agencies, and is then to be in-
cluded in the annual State Budget. Subject to the approval of the
Board of Public Works, receipts and revenues in excess of required
operating expenses, contractural obligations, reasonable capital im-
provement programs, or other financial requirements of the Author-
ity shall revert to the General Funds of the State.

15.    Revenue bonds generally.

(a) Power to issue; purposes; manner of execution. The Au-
thority may 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 any transit

facilities, or for paying the cost of any extensions, enlargements or
improvements of any project then under the control of the Authority
ANY PURPOSES OF THIS ARTICLE, AS SET FORTH HEREIN,
AND SHALL HAVE THE POWER TO PLEDGE ALL OR ANY
PART OF THE NET OPERATING REVENUES OF THE AU-
THORITY TO THE PAYMENT OF PRINCIPAL OF, AND PRE-
MIUM IF ANY, AND INTEREST ON SUCH BONDS. The bonds
any any interest coupons to be attached thereto shall be executed in
such manner as determined by the Authority.

(b)    Interest rate; maturity. The bonds of each series issued
under this section shall bear interest, payable semiannually, and
shall be stated to mature at such time or times, not exceeding forty
(40) years from their date, as determined by the Authority.

(c)    Disposition of proceeds. The proceeds of each series issued
under this section shall be paid to the trustee under the trust agree-
ment securing the bonds and shall be disbursed in such manner and
under such restrictions, if any, as provided in the trust agreement.

(d)    Not general obligations. Revenue bonds issued under 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 the bonds shall
be payable solely from the funds herein provided therefor from
re