1110                                        LAWS OF MARYLAND                            [Ch. 4

RENTS, AND OTHER CHARGES TO BE CHARGED OR MADE FOR USE
OF THE FACILITIES; THE USE, PLEDGE, CUSTODY, SECURING,
APPLICATION, AND DISPOSITION OF SUCH REVENUES, OF THE
PROCEEDS OF THE BONDS, AND OF ANY OTHER MONEYS OF THE
COMMISSION; THE OPERATION, MAINTENANCE, REPAIR, AND
RECONSTRUCTION OF THE FACILITIES AND THE AMOUNTS WHICH
MAY BE EXPENDED THEREFOR; THE SALE, LEASE, OR OTHER
DISPOSITION OF THE FACILITIES; THE INSURING OF THE
FACILITIES AND OF THE REVENUES DERIVED THEREFROM; THE
CONSTRUCTION OR OTHER ACQUISITION OF OTHER FACILITIES;
THE ISSUANCE OF ADDITIONAL BONDS OR OTHER
INDEBTEDNESS; THE RIGHTS OF THE BONDHOLDERS AND OF ANY
TRUSTEE FOR THE BONDHOLDERS UPON DEFAULT BY THE
COMMISSION OR OTHERWISE; AND THE MODIFICATION OF THE
PROVISIONS OF THE INDENTURE AND OF THE BONDS.
REFERENCE ON THE FACE OF THE BONDS TO SUCH RESOLUTION
OR INDENTURE BY ITS DATE OF ADOPTION OR THE APPARENT
DATE ON THE FACE THEREOF IS SUFFICIENT TO INCORPORATE
ALL OF THE PROVISIONS THEREOF AND OF THIS COMPACT INTO
THE BODY OF THE BONDS AND THEIR APPURTENANT COUPONS.
EACH TAKER AND SUBSEQUENT HOLDER OF THE BONDS OR
COUPONS, WHETHER THE COUPONS ARE ATTACHED TO OR
DETACHED FROM THE BONDS, HAS RECOURSE TO ALL OF THE
PROVISIONS OF THE INDENTURE AND OF THIS COMPACT AND IS
BOUND THEREBY.

13.7.    MAXIMUM MATURITY. —NO BOND OR ITS TERMS
SHALL MATURE IN MORE THAN FIFTY YEARS FROM ITS OWN
DATE, OR ON ANY DATE SUBSEQUENT TO THE DURATION OF
THIS COMPACT, AND IN THE EVENT ANY AUTHORIZED ISSUE IS
DIVIDED INTO TWO OR MORE SERIES OR DIVISIONS, THE
MAXIMUM MATURITY DATE HEREIN AUTHORIZED SHALL BE
CALCULATED FROM THE DATE ON THE FACE OF EACH BOND
SEPARATELY, IRRESPECTIVE OF THE FACT THAT DIFFERENT
DATES MAY BE PRESCRIBED FOR THE BONDS OF EACH SEPARATE
SERIES OR DIVISION OF ANY AUTHORIZED ISSUE.

13.8.   TAX EXEMPTION. —ALL BONDS ISSUED BY THE
COMMISSION UNDER THE PROVISIONS OF THIS COMPACT AND
THE INTEREST THEREON SHALL AT ALL TIMES BE FREE AND
EXEMPT FROM ALL TAXATION BY OR UNDER AUTHORITY OF ANY
OF THE SIGNATORY PARTIES, EXCEPT FOR TRANSFER,
INHERITANCE, AND ESTATE TAXES.

13.9.   INTEREST. —BONDS SHALL BEAR INTEREST AT
A RATE OF NOT TO EXCEED SIX PERCENT PER ANNUM, PAYABLE
ANNUALLY OR SEMIANNUALLY.

13.10.   PLACE OF PAYMENT. —THE COMMISSION MAY
PROVIDE FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST
OF BONDS AT ANY PLACE OR PLACES WITHIN OR WITHOUT THE