978                               Laws of Maryland                      [Ch. 441

Authority is further conferred to secure payment of the principal
of and interest on an issue of revenue bonds by a pledge to such
payment of the gross or net revenues from any facility, or group
of facilities, SUCH FACILITY, financed thereby and to enter into
such covenants with respect to the fixing of rents, fees or charges
and the collection and application thereof as may be requisite to the
security and marketing of any such revenue bonds.

Before issuing any revenue bonds hereunder, the Commission shall
make a determination whether debt service on any such bonds shall
be payable from the gross or net revenues of the facility, or group
of facilities, to be financed and, if from gross revenues, the Commis-
sion shall further determine the source and availability of funds
needed for the operation and maintenance of any such facility, or
group of facilities, which funds the Commission may pledge to said
purpose. If the Commission shall determine to pay said debt service
from the net revenues of any facility, or group of facilities, it shall
make a determination before issuing any such revenue bonds, that
the anticipated gross revenues will be sufficient to pay costs of opera-
tion and maintenance of any such facility, or group of facilities, and
the required debt service on said revenue bonds, including necessary
reserves therefor.

Any revenue bonds issued by the Commission hereunder may be
in registered or coupon form and in such denomination or denomina-
tions as the Commission may determine, and such registered or
coupon bonds may be made interchangeable after the initial issuance
thereof under such rules and regulations as the Commission may
prescribe. Said bonds shall bear such rate or rates of interest as
the Commission may determine, from time to time, and said bonds
may be sold for prices at, above, or below the par value thereof,
provided no such sale shall be made at a price which would yield
a rate in excess of the maximum legal rate of interest fixed by the
Laws of Maryland. Notwithstanding the provisions of any other
public general or public local law of the State of Maryland, any
such revenue bonds may be sold or marketed by the Commission
by the solicitation of competitive bids at public sale, after due notice,
by private negotiation with one or more buyers, or by the marketing
and distribution thereof through the agency of a qualified invest-
ment banker or broker. Said bonds may be issued to mature in
annual installments over such number of years as the Commission
may prescribe, or they may be issued as term bonds, all to mature
on a single date, or as a combination of both serial and term bonds.
Whenever term bonds are issued, the Commission shall provide for
the establishment and operation of a sinking fund for their retire-
ment, into which the revenues from the facility, or group of facilities,
to be financed shall be deposited. Each issue of revenue bonds shall
be in such form or forms as the Commission may prescribe prior
to the issuance thereof, and shall be executed on behalf of the Com-
mission by the manual or facsimile signature of its Chairman and
the corporate seal of the Commission shall be impressed or imprinted
thereon, attested by the manual or facsimile signature of the Secre-
tary-Treasurer of the Commission. All of said bonds shall be valid,
notwithstanding the fact that any such officer signing the same
may cease to be such prior to the delivery of said bonds or may
become such after the date of issue of any such bonds. Any revenue
bonds issued in accordance with the provisions of this Subsection
shall be deemed to be negotiable instruments under the Laws of