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MARVIN MANDEL, Governor 519
EXCEPT AS MAY OTHERWISE BE EXPRESSLY PROVIDED BY
THE SERVICE, EVERY ISSUE OF ITS BONDS OR NOTES SHALL
BE GENERAL OBLIGATIONS OF THE SERVICE PAYABLE OUT OF
ANY REVENUES OR OTHER MONEY OF THE SERVICE SUBJECT
ONLY TO ANY AGREEMENTS WITH THE HOLDERS OF PARTICULAR
BONDS OR NOTES PLEDGING ANY PARTICULAR RECEIPTS OR
REVENUES.
REVISOR'S NOTE: This section is new language
derived from Article 33B, section 13 of the
Code.
3-116. REVENUE REFUNDING BONDS.
THE SERVICE MAY PROVIDE, BY RESOLUTION ADOPTED BY
A MAJORITY OF THE BOARD OF DIRECTORS, FOR THE ISSUANCE
OF ITS RENEWAL NOTES OR OF REFUNDING BONDS FOR THE
PURPOSE OF REFUNDING ANY BONDS OR NOTES THEN
OUTSTANDING WHICH WERE ISSUED UNDER THE PROVISIONS OF
THIS SUBTITLE, WHETHER OR NOT THE BONDS OR NOTES TO BE
REFUNDED HAVE MATURED, INCLUDING THE PAYMENT OF ANY
REDEMPTION PREMIUM THEREON AND ANY INTEREST ACCRUED OR
TO ACCRUE TO THE DATE OF REDEMPTION OF THE BONDS OR
NOTES, AND, IF DEEMED ADVISABLE BY THE BOARD OF
DIRECTORS, FOR EITHER OR BOTH OF THE FOLLOWING
COMBINED ADDITIONAL PURPOSES: (1) PAYING ALL OR ANY
PART OF THE COST OF CONSTRUCTING IMPROVEMENTS OR
EXTENSIONS TO OR ENLARGEMENTS OF ANY EXISTING PROJECT
OR PROJECTS AND (2) PAYING ALL OR ANY PART OF THE COST
OF ANY ADDITIONAL PROJECT OR PROJECTS. THE ISSUANCE
OF REFUNDING BONDS OR RENEWAL NOTES AND THE DETAILS
THEREOF, THE RIGHTS OF THE HOLDERS THEREOF, AND THE
RIGHTS, DUTIES, AND OBLIGATIONS OF THE SERVICE IN
RESPECT THERETO, ARE GOVERNED BY THE PROVISIONS OF
THIS SUBTITLE RELATING TO BONDS OR NOTES, INSOFAR AS
THESE PROVISIONS MAY BE APPLICABLE.
REVISOR'S NOTE: This section is new language
derived from Article 33B, section 14 of the
Code.
3-117. INTERIM RECEIPTS , TEMPORARY BONDS, AND BOND
ANTICIPATION NOTES.
THE SERVICE, BY RESOLUTION ADOPTED BY A MAJORITY
OF THE BOARD OF DIRECTORS, MAY:
(1) ISSUE, PRIOR TO THE PREPARATION OF
DEFINITIVE BONDS, INTERIM RECEIPTS OR TEMPORARY BONDS,
WITH OR WITHOUT COUPONS, EXCHANGEABLE FOR DEFINITIVE
BONDS WHEN THESE BONDS HAVE BEEN EXECUTED AND ARE
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