68                                 Laws of Maryland                        [Ch. 30

All such bonds and evidences of indebtedness shall be payable
solely out of the properties and revenues of the Commission. The
bonds and other obligations of the Commission, except as may be
otherwise provided in the indenture under which they were issued,
shall be direct and general obligations of the Commission, and the
full faith and credit of the Commission are hereby pledged for the
prompt payment of the debt service thereon and for the fulfillment
of all other undertakings of the Commission assumed by it to or for
the benefits of the holders thereof.

13.02. Funds and Expenses.—The purposes of this compact shall
include, without limitation, all costs of any project or facility or any
part thereof, including interest during a period of construction and
a reasonable time thereafter and any incidental expenses (legal,
engineering, fiscal, financial, consultant, and other expenses) con-
nected with issuing and disposing of the bonds; all amounts required
for the creation of an operating fund, construction fund, reserve
fund, sinking fund, or other special fund; all other expenses con-
nected with the planning, design, acquisition, construction, comple-
tion, improvement, or reconstruction of any facility or any part
thereof; and reimbursement of advances by the Commission or by
others for such purposes and for working capital.

13.03. Credit Excluded; Officers, State and Municipal.—The
Commission shall have no power to pledge the credit of any signa-
tory or other governmental agency, or to impose any obligation for
payment of the bonds upon any signatory or other governmental
agency, but may pledge the contracts of any signatory or other
governmental agency; provided, however, that nothing herein shall
preclude any signatory or other governmental agency from under-
writing the bonds or other obligations of the Commission in whole
or in part as to principal and interest. Neither the commissioners
nor any person executing the bonds shall be liable personally on
the bonds of the Commission or be subject to any personal liability
or accountability by reason of the issuance thereof.

13.04.    Funding and Refunding.—Whenever the Commission
deems it expedient, it may fund and refund its bonds and other
obligations, whether or not such bonds and obligations have matured.
It may provide for the issuance, sale or exchange of refunding
bonds for the purpose of redeeming or retiring any bonds (includ-
ing payment of any premium, duplicate interest, or cash adjust-
ment required in connection therewith) issued by the Commission
or issued by any other issuing body, the proceeds of the sale of
which have been applied to any facility acquired by the Commission
or which are payable out of the revenues of any facility acquired
by the Commission. Bonds may be issued partly to refund bonds
and other obligations then outstanding, and partly for any other
purpose of the Commission. All provisions of this compact applicable
to the issuance of bonds are applicable to refunding bonds and to
the issuance, sale, or exchange thereof.

13.05.    Bonds: Authorization Generally.—Bonds and other indebt-
edness of the Commission shall be authorized by resolution of the
Commission. The validity of the authorization and issuance of any
bonds by the Commission shall not be dependent upon or affected
in any way by: (a) the disposition of bond proceeds by the Com-
mission or by contract, commitment or action taken with respect
to such proceeds; or (b) the failure to complete any part of the