966                              Laws of Maryland                       Ch. 408

(c)    Any such escrowed proceeds, pending such use, may be in-
vested and reinvested in obligations of or guaranteed by the United
States of America, or in certificates of deposit or time deposits
secured by obligations of or guaranteed by the United States of
America, maturing at such time or times as shall be appropriate to
assure the prompt payment, as to principal, interest and redemption
premium, if any, of the outstanding bonds to be so refunded. The
interest, income and profits, if any, earned or realized on any such
investment may also be applied to the payment of the outstanding
bonds to be so refunded. After the terms of the escrow have been
fully satisfied and carried out, any balance of such proceeds and
interest, income and profits, if any, earned or realized on the invest-
ments thereof may be returned to the Authority for use by it in any
lawful manner.

(d)    The portion of the proceeds of any such bonds issued for the
additional purpose of paying all or any part of the cost of construct-
ing and acquiring additions, improvements, extensions or enlarge-
ments of a project may be invested and reinvested in obligations of
or guaranteed by the United States of America, or in certificates of
deposit or time deposits secured by obligations of or guaranteed by
the United States of America, maturing not later than the time or
times when such proceeds will be needed for the purpose of paying
all or any part of such cost. The interest, income and profits, if any,
earned or realized on such investment may be applied to the payment
of all or any part of such cost or may be used by the corporation in
any lawful manner.

(e)    All such bonds shall be issued and shall be subject to the
provisions of this Act in the same manner and in the same extent as
any other bonds issued pursuant to this Act.

19.    Bonds Declared Legal Investments.

Bonds issued by the Authority under the provisions of this Act
are hereby made securities in which all public officers and public
bodies of the State of Maryland and its political subdivisions, all in-
surance companies, state banks and trust companies, national bank-
ing associations, savings banks, savings and loan associations, invest-
ment companies, executors, administrators, trustees and other fidu-
ciaries may properly and legally invest funds, including capital in
their control or belonging to them. Such bonds are hereby made
securities which may properly and legally be deposited with and re-
ceived by any State or municipal officer for any agency or political
subdivision of the State for any purpose for which the deposit of
bonds or obligations of the State is now or may hereafter be author-
ized by law.

20.    Report to Governor.

Within the first ninety days of each calendar year, the Authority
shall make a report to the Governor of its activities for the preceding
calendar year. Each such report shall set forth the complete oper-
ating and financial statement covering its operations during such
year. The Authority shall cause an audit of its books and accounts
to be made at least once each year by certified public accountants,
and the cost thereof shall be paid by the Authority from funds avail-
able to it pursuant to this Act.