2658

LAWS OF MARYLAND

[Ch. 552

ALL BONDS OF THE AUTHORITY THEN OUTSTANDING AND SECURED
BY THAT DEBT SERVICE RESERVE FUND.

(B) THE AUTHORITY SHALL NOT ISSUE BONDS AT ANY TIME
IF THE MAXIMUM AMOUNT OF PRINCIPAL AND INTEREST BECOMING
DUE IN ANY SUCCEEDING CALENDAR YEAR ON THE BONDS
OUTSTANDING AND THEN TO BE ISSUED AND SECURED BY A DEBT
SERVICE RESERVE FUND WILL EXCEED THE AMOUNT OF THAT DEBT
SERVICE RESERVE FUND AT THE TIME OF ISSUANCE, UNLESS THE
AUTHORITY AT THE TIME OF THE ISSUANCE OF THOSE BONDS,
DEPOSITS IN THE DEBT SERVICE RESERVE FUND FROM THE
PROCEEDS OF THE BONDS TO BE ISSUED, OR OTHERWISE, AN
AMOUNT WHICH, TOGETHER WITH THE AMOUNT THEN IN THE DEBT
SERVICE RESERVE FUND, MILL BE NOT LESS THAN THE MAXIMUM
AMOUNT OF PRINCIPAL AND INTEREST BECOMING DUE IN ANY
SUCCEEDING CALENDAR YEAR ON THE BONDS THEN TO BE ISSUED
AND ON ALL OTHER BONDS OF THE AUTHORITY THEN OUTSTANDING
AND SECURED BY THAT DEBT SERVICE RESERVE FUND.

[[(C) TO ASSURE THE CONTINUED OPERATION AND
SOLVENCY OF THE AUTHORITY FOR CARRYING OUT THE PUBLIC
PURPOSES OF THIS SUBTITLE, PROVISION IS MADE IN
SUBSECTION (A) OF THIS SECTION FOR THE ACCUMULATION IN
EACH DEBT SERVICE RESERVE FUND OF AN AMOUNT EQUAL TO THE
MAXIMUM AMOUNT OF PRINCIPAL AND INTEREST MATURING AND
BECOMING DUE IN ANY SUCCEEDING CALENDAR YEAR AS
DETERMINED BY THE AUTHORITY ON ALL BONDS OF THE AUTHORITY
THEN OUTSTANDING AND SECURED BY THE DEBT SERVICE RESERVE
FUND. IN ORDER TO FURTHER ASSURE THE MAINTENANCE OF DEBT
SERVICE RESERVE FUNDS IN THE RESPECTIVE AMOUNTS PROVIDED
BY THE AUTHORITY IN THE ISSUANCE OF ITS BONDS THERE MAI
BE APPROPRIATED ANNUALLY AND PAID TO THE AUTHORITY FOR
DEPOSIT IN EACH DEBT SERVICE RESERVE FUND THAT AMOUNT, IF
ANY, WHICH SHALL BE CERTIFIED BY THE AUTHORITY TO THE
GOVERNOR AS NECESSARY TO RESTORE THAT DEBT SERVICE FUND
TO AN AMOUNT EQUAL TO THE MAXIMUM AMOUNT PROVIDED
THEREFOR BY THE AUTHORITY. THE AUTHORITY ANNUALLY, ON OR
BEFORE THE 10TH DAY OF NOVEMBER, SHALL DELIVER TO THE
GOVERNOR ITS CERTIFICATE STATING THE AMOUNT, IF ANY,
REQUIRED TO RESTORE EACH DEBT SERVICE RESERVE FUND TO THE
AMOUNT AFORESAID AND THE AMOUNT OR AMOUNTS SO CERTIFIED,
IF ANY, MAY BE APPROPRIATED AND PAID TO THE AUTHORITY
DURING THE NEXT SUCCEEDING FISCAL YEAR. NOTHING IN THIS
SECTION SHALL BE CONSTRUED AS REQUIRING THE GOVERNOR TO
INCLUDE FUNDS FOR THE AUTHORITY IN THE BUDGET HE SUBMITS
TO THE GENERAL ASSEMBLY, OR IN ANY AMENDMENT TO IT, OR AS
REQUIRING THE GENERAL ASSEMBLY TO APPROPRIATE FUNDS FOR
THE AUTHORITY.]]

[[(D)]] (C) IN COMPUTING THE AMOUNT OF ANY DEBT
SERVICE RESERVE FUND FOR THE PURPOSES OF THIS SECTION,
SECURITIES IN WHICH ALL OR A PORTION OF THAT FUND ARE
INVESTED SHALL BE VALUED AS PROVIDED IN THE AGREEMENT
WITH BONDHOLDERS, BUT NOT GREATER THAN PAR PLUS ACCRUED