MARVIN MANDEL, Governor                                 1109

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.

13.5.     AUTHORIZATION AND ISSUANCE GENERALLY;

REDEMPTION PRIOR TO MATURITY. --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: (1) THE DISPOSITION OF BOND PROCEEDS BY
THE COMMISSION OR BY CONTRACT, COMMITMENT OR ACTION
TAKEN WITH RESPECT TO SUCH PROCEEDS; OR (2) 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
PRINCIPAL AMOUNTS AND WITH 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
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.

13.6.      BOND RESOLUTIONS AND INDENTURES
GENERALLY. —THE COMMISSION MAY DETERMINE AND ENTER
INTO INDENTURES PROVIDING FOR THE PRINCIPAL AMOUNT,
DATE OR DATES, MATURITIES, INTEREST RATE,
DENOMINATIONS, FORM, REGISTRATION, TRANSFER,
INTERCHANGE, AND OTHER PROVISIONS OF THE BONDS AND
COUPONS AND THE TERMS AND CONDITIONS UPON WHICH THE
SAME SHALL BE EXECUTED, ISSUED, SECURED, SOLD, PAID,
REDEEMED, FUNDED, AND REFUNDED. THE RESOLUTION OF
THE COMMISSION AUTHORIZING ANY BOND OR ANY INDENTURE
SO AUTHORIZED UNDER WHICH THE BONDS ARE ISSUED MAY
INCLUDE ALL SUCH COVENANTS AND OTHER PROVISIONS OTHER
THAN ANY RESTRICTION ON THE REGULATORY POWERS VESTED
IN THE COMMISSION BY THIS COMPACT AS THE COMMISSION
MAY DEEM NECESSARY OR DESIRABLE FOR THE ISSUE,
PAYMENT, SECURITY, PROTECTION, OR MARKETING OF THE
BONDS, INCLUDING WITHOUT LIMITATION COVENANTS AND
OTHER PROVISIONS AS TO THE RATES OR AMOUNTS OF FEES,