MARVIN MANDEL, Governor                                       517

(A)    THE SERVICE MAY PROVIDE BY RESOLUTION,
ADOPTED BY A MAJORITY OF THE BOARD OF DIRECTORS, FOR
THE ISSUANCE OF BONDS AND NOTES OF THE SERVICE FOR THE
PURPOSE OF PAYING THE COST OF ANY ONE OR MORE WATER
SUPPLY PROJECTS, SOLID HASTE DISPOSAL PROJECTS OR
WASTE WATER PURIFICATION PROJECTS OR ANY COMBINATION
THEREOF ACQUIRED, CONSTRUCTED, RECONSTRUCTED,
REHABILITATED, IMPROVED, OR EXTENDED BY THE SERVICE
AND TO PROVIDE FUNDS TO BE PAID INTO ANY DEBT SERVICE
RESERVE FUNDS.

REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 11(a) of
the Code, as amended by Chapter 523, Acts
of 1972.

(B)    THE BOARD OF DIRECTORS HAVE ABSOLUTE
DISCRETION TO DETERMINE WITH RESPECT TO THE BONDS OR
NOTES OF ANY ISSUE [[;]]: (1) THE DATE OR DATES OF
ISSUE; (2) THE DATE OR DATES AND AMOUNT OR AMOUNTS OR
MATURITY, PROVIDED ONLY THAT NO BOND OF ANY ISSUE MAY
MATURE LATER THAN 40 YEARS FROM THE DATE OF ITS ISSUE;

(3) THE RATE OR RATES OF INTEREST PAYAELE THEREON AND
THE DATE OR DATES OF SUCH PAYMENT; (4) THE FORM OR
FORMS, DENOMINATION OR DENOMINATIONS, MANNER OF
EXECUTION AND THE PLACE OR PLACES OF PAYMENT THEREOF,
AND THE INTEREST THEREON, WHICH MAY BE AT ANY BANK OR
TRUST COMPANY WITHIN OR WITHOUT THE STATE; (5) WHETHER
THE BONDS OR NOTES OR ANY PART THEREOF ARE MADE
REDEEMABLE BEFORE MATURITY AND, IF SO, UPON WHAT
TERMS, CONDITIONS, AND PRICES; AND (6) ANY OTHER
MATTER RELATING TO THE FORM, TERMS, CONDITIONS,
ISSUANCE, AND SALE THEREOF.

REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 11 (b) of
the Code.

3-114. PROVISIONS APPLICABLE TO ALL BONDS.

(A) VALIDITY OF FORMER OFFICER'S SIGNATURE.—IF
ANY OFFICER WHOSE SIGNATURE OR A FACSIMILE OF WHOSE
SIGNATURE APPEARS ON ANY BONDS OR COUPONS OR NOTES
CEASES TO BE THE OFFICER BEFORE THE DELIVERY OF THE
BONDS OR NOTES, THE SIGNATURE OR FACSIMILE IS
NEVERTHELESS VALID AND SUFFICIENT FOR ALL PURPOSES AS
IF HE HAD REMAINED IN OFFICE UNTIL DELIVEBY.

REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 12(a) of
the Code.