Marvin Mandel, Governor                        1281

9.  Borrowing Power.

[(a)] In order to add to and improve the existing facilities of
Friendship International Airport and to encourage the growth of
passenger traffic and export and import commerce at the Airport,
the [Maryland Airport] Authority may borrow money by issuing
negotiable revenue bonds for the purpose of defraying the cost of
the additions or improvements and may contract with individual
airlines and/or groups of airlines and/or others for the use of these
additions or improvements. The contracts shall provide for periodic
payments to be used to defray the cost of payment of the outstanding
bonds. [The contracts negotiated shall be subject to the approval
of the Board of Public Works and by the Attorney General of
Maryland as to sufficiency and form.]

[(b) For the purpose of financing, the Authority shall submit
annually to the Governor a program for development of the airport
facilities for implementation in the annual State Budget. Subject
to the approval of the Board of Public Works, receipts and revenues
in excess of required operating expenses, contractual obligations,
reasonable capital improvement programs, or other financial require-
ments of the Authority shall revert to the general funds of the
State.]

10.  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 airport
facilities, or for paying the cost of any extensions, enlargements
or improvements of [any project] airport facilities then under the
control of the Authority. The bonds and 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 agree-
ment.

(d)  Not general obligations.—Revenue bonds issued under this
section shall not be deemed to constitute a debt of the State or of
the City or of any other political subdivision [thereof] of the State,
or a pledge of the faith and credit of the State or of the City or any
other such political subdivision, but the bonds shall be payable
solely from the funds herein provided therefor from revenues of the
[projects] airport facilities, and, if the trustee under the trust
agreement securing such bonds holds any additional security for the
payment of the same, from the proceeds of the security. [All reve-
nue bonds shall contain on the face thereof a statement to the effect
that neither the Authority nor the State nor any political sub-
division thereof is obligated to pay the same or the interest thereon
except from revenues and, if the trustee under the trust agreement