1056                                        LAWS OF MARYLAND                            [Ch. 4

THEREOF.

13.04.     FUNDING AND REFUNDING. —WHENEVER THE
COMMISSION DEEMS IT EXPEDIENT, IT MAY FOND 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

(INCLUDING PAYMENT OF ANY PREMIUM, DUPLICATE INTEREST,
OR CASH ADJUSTMENT 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 INDEBTEDNESS 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 COMMISSION OR BY CONTRACT, COMMITMENT
OR ACTION TAKEN WITH RESPECT TO SUCH PROCEEDS; OR (B)
THE FAILURE TO COMPLETE ANY PART OF THE PROJECT FOR
WHICH BONDS ARE AUTHORIZED TO BE ISSUED. THE
COMMISSION MAY ISSUE BONDS IN ONE OR MORE SERIES AND
MAY PROVIDE FOR ONE OR MORE CONSOLIDATED BOND ISSUES,
IN SUCH TERMS AND PROVISIONS AS THE COMMISSION MAY
DEEM NECESSARY. THE BONDS MAY BE SECURED BY A PLEDGE
OF ALL OR ANY PART OF THE PROPERTY, REVENUES AND
FRANCHISES UNDER ITS CONTROL. BONDS MAY BE ISSUED BY
THE COMMISSION IN SUCH AMOUNT, WITH SUCH MATURITIES
AND IN SUCH DENOMINATIONS AND FORM OR FORMS, WHETHER
COUPON OR REGISTERED, AS TO PRINCIPAL ALONE OR AS TO
BOTH PRINCIPAL AND INTEREST, AS MAY BE DETERMINED BY
THE COMMISSION. THE COMMISSION MAY PROVIDE FOR
REDEMPTION OF BONDS PRIOR TO MATURITY ON SUCH NOTICE
AND AT SUCH TIME OR TIMES AND WITH SUCH REDEMPTION
PROVISIONS, INCLUDING PREMIUMS, AS THE COMMISSION MAY
DETERMINE.

13.06.     BONDS, RESOLUTIONS AND INDENTURES

GENERALLY. --THE COMMISSION MAY DETERMINE AND ENTER

INTO INDENTURES PROVIDING FOR THE PRINCIPAL AMOUNT,