MARVIN MANDEL, Governor

1113

AND COMMUNITY DEVELOPMENT. THE DETERMINATION IS
EFFECTIVE UPON THAT APPROVAL, WITHOUT ANY OTHER
PROCEEDING, ACTION, OR APPROVAL, AND IS CONCLUSIVE OF THE
MATTERS DETERMINED THEREIN.

(D) THE ADMINISTRATION HAS ABSOLUTE DISCRETION TO
DETERMINE, WITH RESPECT TO THE BONDS OR NOTES OF ANY
ISSUE: (1) THE DATE AND AMOUNT OF ISSUE, INCLUDING
PRIVATE SALE; (2) THE DATE AND AMOUNT OF MATURITY,
PROVIDED ONLY THAT A BOND MAY NOT MATURE LATER THAN 50
YEARS FROM THE DATE OF ITS ISSUE, AND A NOTE, INCLUDING
ITS RENEWALS, MAY NOT MATURE LATER THAN FIVE YEARS FROM
THE DATE OF ITS ORIGINAL ISSUE; (3) PRICE TO BE PAID FOR
THE BONDS OR NOTES, WHETHER ABOVE, AT, OR BELOW PAR, AND
THE RATE OF INTEREST PAYABLE ON THE BONDS OR NOTES AND
THE DATES OF SUCH PAYMENT; THE FORM, DENOMINATION, MANNER
OF EXECUTION (WHICH MAY BE BY FACSIMILE) AND PLACE OF
PAYMENT OF THE BONDS OR NOTES AND THE INTEREST THEREON,
WHICH MAY BE AT ANY BANK OR TRUST COMPANY WITHIN OR
WITHOUT MARYLAND; (5) WHETHER THE BONDS OR NOTES OR ANY
PART OF THEM ARE REDEEMABLE BEFORE MATURITY, AND IF SO,
THE TERMS, CONDITIONS, AND PRICES OF THE REDEMPTION; AND
(6) ANY OTHER MATTER RELATING TO THE FORM, TERMS,
CONDITIONS, SECURITY ISSUANCE, SALE, DELIVERY,
REPLACEMENT AND INDEMNIFICATION IN CONNECTION THEREWITH,
AND PAYMENT OF THE BONDS OR NOTES.

(E) THE BONDS AND NOTES ARE NEGOTIABLE INSTRUMENTS
UNDER MARYLAND LAW, NOTWITHSTANDING ANY OTHER PROVISIONS
OF THE CODE OR ANY RECITALS IN THE BONDS OR NOTES.

(F)      IF ANY OFFICER OR EMPLOYEE OF THE
ADMINISTRATION WHOSE MANUAL OR FACSIMILE SIGNATURE
APPEARS ON ANY BONDS, NOTES, OR COUPONS CEASES TO HOLD
HIS OFFICE OR EMPLOYMENT BEFORE DELIVERY OF THE BONDS OR
NOTES, THE SIGNATURE IS NEVERTHELESS VALID AND SUFFICIENT
FOR ALL PURPOSES AS IF HE HAD REMAINED IN THE OFFICE OR
EMPLOYMENT UNTIL DELIVERY.

(G)    THE BONDS OR NOTES MAY BE ISSUED IN COUPON OR
IN REGISTERED FORM OR BOTH. PROVISION MAY BE MADE FOR
REGISTRATION OF COUPON BONDS OR NOTES AS TO PRINCIPAL
ONLY, OR AS TO BOTH PRINCIPAL AND INTEREST, AND FOR
RECONVERSION INTO COUPON FORM OF BONDS OR NOTES
REGISTERED AS TO BOTH PRINCIPAL AND INTEREST, AND FOR
INTERCHANGE OF COUPON AND REGISTERED BONDS OR NOTES.

(H) THE BONDS AND NOTES ARE EXEMPT FROM THE
PROVISIONS OF ARTICLE 31, §§9 THROUGH 12 OF THE CODE.

(I) THE ADMINISTRATION MAY ISSUE ITS BONDS OR
NOTES WITHOUT OBTAINING THE CONSENT OF ANY OTHER UNIT OF
THE STATE GOVERNMENT, AND WITHOUT ANY PROCEEDINGS, OR THE
OCCURRENCE OF ANY CONDITIONS, OTHER THAN THOSE EXPRESSLY