Marvin Mandel, Governor                        1293

bonds or other obligations of the State is now or may hereafter be
authorized by law.

21.

[Revenue bonds] Bonds or notes issued under the provisions of
this Article shall not be deemed to constitute a debt or a pledge of
the faith and credit of the State or of any political subdivision there-
of. [, but such bonds shall be payable solely from the funds herein
provided therefor from revenues of the projects.] All such [rev-
enue] bonds or notes shall contain on the face thereof a statement
to the effect that neither the Service nor the State nor any political
subdivision thereof shall be obligated to pay the same or the interest
thereon except from revenues or other monies of the Service avail-
able therefor and that neither the faith and credit nor the taxing
power of the State or any political subdivision thereof is pledged to
the payment of the principal of or the interest of such bonds or notes.

24A.

(a)    The Service may create and establish one or more reserve
funds to be known as debt service reserve funds and may pay into
such debt service reserve funds (a) any monies appropriated and
made available by the State of Maryland for the purposes of such
funds, (b) any proceeds of sale of notes or bonds, to the extent pro-
vided in the resolution of the Service authorizing the issuance
thereof, and (c) any other monies which may be made available to
the Service for the purpose of such funds from any other source or
sources. The monies held in or credited to any debt service reserve
fund established under this section, except as hereinafter provided,
shall be used solely for the payment of the principal of bonds of the
Service secured by such debt service reserve fund as the same be-
come due, the purchase of such bonds of the Service, the payment of
interest on such bonds of the Service or the payment of any redemp-
tion premium required to be paid when such bonds are redeemed
prior to maturity; provided however, that the Service shall have
power to provide that monies in any such fund shall not be with-
drawn therefrom at any time in such amount as would reduce the
amount of such funds to less than the maximum amount of principal
and interest becoming due in any succeeding calendar year on the
bonds of the Service then outstanding and secured by such debt serv-
ice reserve fund, except for the purpose of paying principal of and
interest on such bonds of the Service secured by such debt service
reserve becoming due and for the payment of which other monies
of the Service are not available. Any income or interest earned by,
or increment to, any such debt service reserve fund due to the invest-
ment thereof may WITH THE APPROVAL OF THE GENERAL
ASSEMBLY, be transferred by the Service to any other fund
or account of the Service and the Service shall have power to provide
that any such transfer shall not reduce the amount of such debt serv-
ice reserve fund below the maximum amount of principal and in-
terest becoming due in any succeeding calendar year on all bonds of
the Service then outstanding and secured by such debt service reserve
fund.

(b)    The Service shall not issue bonds at any time if the maxi-
mum amount of principal and interest becoming due in any succeed-
ing calendar year on the bonds outstanding and then to be issued