2314

LAWS OF MARYLAND

Ch. 846

would yield a rate in excess of the maximum legal rate of
interest fixed by the Laws of Maryland. Notwithstanding
the provisions of any other public general or public
local law of the State of Maryland, any such revenue
bonds may be sold or marketed by the commission by the
solicitation of competitive bids at public sale, after
due notice, by private negotiation with one or more
buyers, or by [the] THEIR marketing and distribution
[thereof] through the agency of a qualified investment
banker or broker. [Said] THE bonds may be issued to
mature in annual installments over such number of years
as the commission may prescribe, or they may be issued as
term bonds, all to mature on a single date, or as a
combination of both serial and term bonds. Whenever term
bonds are issued, the commission shall provide for the
establishment and operation of a sinking fund for their
retirement, into which the revenues from the facility to
be financed shall be deposited. Each issue of revenue
bonds shall be in such form or forms as the commission
may prescribe prior to [the] THEIR issuance [thereof],
and shall be executed on behalf of the commission by the
manual or facsimile signature of its chairman, [and the]
THE corporate seal of the commission shall be impressed
or imprinted [thereon] ON THE BONDS, attested by the
manual or facsimile signature of the secretary—treasurer
of the commission. All of [said] THE bonds shall be
valid, notwithstanding the fact that any such officer
signing the same may cease to be such prior to the
delivery of [said] THE bonds or may become such after the
date of issue of any such bonds. Any revenue bonds
issued in accordance with the provisions of this
subsection shall be deemed to be negotiable instruments
under the Laws of Maryland, notwithstanding the
limitations and references [therein] contained IN THEM.
Revenue bonds issued under the authority of this
subsection [shall] constitute limited obligations of the
commission and of the county guaranteeing [the same] THE
BONDS, as hereinafter provided, payable as to principal
and interest solely from the revenues pledged to such
payment and each revenue bond issued hereunder shall so
recite. Accordingly, the provisions of [sections 85—46
and 59-51, respectively, of the Codes of Montgomery and
Prince George's County, shall be] SECTION 6-103 OF THIS
ARTICLE ARE inapplicable to the revenue bonds issued
under this subsection. Any such revenue bonds may be
issued subject to redemption by the commission prior to
[the] THEIR maturity [thereof] at a redemption price or
prices in excess of [the] THEIR par value [thereof], and
such redemption may be executed with funds of the
commission other than the revenues from the facility[,]
which such revenue bonds were issued to finance.

(7) For the purpose of securing the payment
of the principal of and interest on any revenue bonds
issued under this subsection, the commission may enter
into a trust agreement or indenture with any bank having
trust powers, or with a trust company, located within or
outside the State of Maryland and designated as trustee