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Ch. 13
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546
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LAWS OF MARYLAND
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STATES SHALL NOT BE ISSUED WITHOUT APPROVAL OF THE
SECRETARY OF THE TREASURY. NEITHER THE DIRECTORS NOR
ANY PERSON EXECUTING THE BONDS SHALL BE LIABLE PERSONALLY
ON THE BONDS OF THE AUTHORITY OR BE SUBJECT TO ANY
PERSONAL LIABILITY OR ACCOUNTABILITY BY REASON OF THE
ISSUANCE THEREOF.
30. FUNDING AND REFUNDING.
WHENEVER THE BOARD DEEMS IT EXPEDIENT, IT MAY FUND
AND REFUND THE BONDS AND OTHER OBLIGATIONS OF THE
AUTHORITY WHETHER OR NOT SUCH BONDS AND OBLIGATIONS HAVE
MATURED. IT MAY PROVIDE FOR THE ISSUANCE, SALE OR
EXCHANGE OF REFUNDING BONDS FOR THE PURPOSE OF REDEEMING
OR RETIRING ANY BONDS (INCLUDING THE PAYMENT OF ANY
PREMIUM, DUPLICATE INTEREST OR CASH ADJUSTMENT REQUIRED
IN CONNECTION THEREWITH) ISSUED BY THE AUTHORITY OR
ISSUED BY ANY OTHER ISSUING BODY, THE PROCEEDS OF THE
SALE OF WHICH HAVE BEEN APPLIED TO ANY FACILITY ACQUIRED
BY THE AUTHORITY OR WHICH ARE PAYABLE OUT OF THE REVENUES
OF ANY FACILITY ACQUIRED BY THE AUTHORITY. BONDS MAY BE
ISSUED PARTLY TO REFUND BONDS AND OTHER OBLIGATIONS THEN
OUTSTANDING, AND PARTLY FOR ANY OTHER PURPOSE OF THE
AUTHORITY. ALL PROVISIONS OF THIS TITLE APPLICABLE TO
THE ISSUANCE OF BONDS ARE APPLICABLE TO REFUNDING BONDS
AND TO THE ISSUANCE, SALE OR EXCHANGE THEREOF.
31. BONDS; AUTHORIZATION GENERALLY.
BONDS AND OTHER INDEBTEDNESS OF THE AUTHORITY SHALL
BE AUTHORIZED BY RESOLUTION OF THE BOARD. THE VALIDITY
OF THE AUTHORIZATION AND ISSUANCE OF ANY BONDS BY THE
AUTHORITY SHALL NOT BE DEPENDENT UPON NOR AFFECTED IN ANY
WAY BY: (I) THE DISPOSITION OF BOND PROCEEDS BY THE BOARD
OR BY CONTRACT, COMMITMENT OR ACTION TAKEN WITH RESPECT
TO SUCH PROCEEDS; OR (II) THE FAILURE TO COMPLETE ANY
PART OF THE PROJECT FOR WHICH BONES ARE AUTHORIZED TO BE
ISSUED. THE AUTHORITY MAY ISSUE BONDS IN ONE OR MORE
SERIES AND MAY PROVIDE FOR ONE OR MORE CONSOLIDATED BOND
ISSUES, IN SUCH PRINCIPAL AMOUNTS AND WITH SUCH TERMS AND
PROVISIONS AS THE BOARD MAY DEEM NECESSARY. THE BONDS
MAY BE SECURED BY A PLEDGE OF ALL OR ANY PART OF THE
PROPERTY, REVENUES AND FRANCHISES UNDER ITS CONTROL.
BONDS MAY BE ISSUED BY THE AUTHORITY IN SUCH AMOUNT, WITH
SUCH MATURITIES AND IN SUCH DENOMINATIONS AND FORM OR
FORMS, WHETHER COUPON OR REGISTERED, AS TO PRINCIPAL
ALONE OR AS TO BOTH PRINCIPAL AND INTEREST, AS MAY BE
DETERMINED BY THE BOARD. THE BOARD MAY PROVIDE FOR
REDEMPTION OF BONDS PRIOR TO MATURITY ON SUCH NOTICE AND
AT SUCH TIME OR TIMES AND WITH SUCH REDEMPTION
PROVISIONS, INCLUDING PREMIUMS, AS THE BOARD MAY
DETERMINE.
32. BONDS; RESOLUTIONS, AND INDENTURES GENERALLY.
THE BOARD MAY DETERMINE AND ENTER INTO INDENTURES OR
ADOPT RESOLUTIONS PROVIDING FOR THE PRINCIPAL AMOUNT,
DATE OR DATES, MATURITIES, INTEREST RATE, OR RATES,
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