1998

LAWS OF MARYLAND

Ch. 652

projects provided for in this title. The resolution
authorizing the issuance of [such] revenue bonds,
certificates or other evidence of indebtedness under the
provisions of this title or the trust indenture hereinafter
provided for, shall state the estimated cost or purchase
price of any project or projects involved, and the revenue
bonds, certificates or other evidence of indebtedness shall
be issued in such amount or amounts.

(b) (1) The principal and interest of [such]
revenue bonds, MORTGAGES, certificates or other evidence of
indebtedness shall be payable from revenues, rentals,
receipts and funds available from any source whatsoever
received by the authority [and no]. NO tax, excise, or
special assessment (other than permitted under the terms of
this title) shall be levied for the payment of [such] THE
principal and interest.

(2) Fees, rents, tolls, charges and revenues
received from the use of the project or projects constructed
from the proceeds of the bonds issued under the provisions
of this title shall be used or appropriated for the payment
of interest or principal of [such] THE bonds[; provided,
however, that prior]. PRIOR to and during construction and
for one year after the completion of the construction of any
[such] project or projects for which revenue bonds have been
issued [hereunder], the interest on [such] THE bonds may be
paid out of the proceeds realized from the sale of [such]
THE bonds; and [provided further, that] revenues, rentals,
receipts and funds from other sources available to the
authority may be used and appropriated for the payment of
interest on and principal of [such] THE bonds.

(c) The revenue bonds, MORTGAGES, certificates or
other evidence of indebtedness of each issue shall be dated,
shall tear interest at [such] THE rate or rates as shall be
determined by the authority, [payable semiannually] and
shall nature at such time or times, not exceeding thirty
years from their date or dates, as may be determined by the
authority. The bonds of each issue may be made redeemable
before maturity at the option of the authority at such price
or prices and under terms and conditions as may be fixed by
the authority prior to the issuance of the bonds. The
authority shall determine the form of the bonds, including
any interest coupons to be attached [thereto], and shall fix
the denomination or denominations of the bonds and the place
or places of payment of principal and interest which may be
at any tank or trust company within or without the state.
The payment of principal and interest of the bonds [hereby
authorized] may be made in any lawful medium. The authority
shall determine the manner of executing the bonds which may
be by facsimile signature of its chairman, and the manner of
executing the interest coupons attached [thereto] which also
may be by facsimile signature of its chairman; the official
seal of the authority shall be affixed to the bonds and they
shall be attested by its secretary. In case any officer
whose signature or a facsimile of whose signature shall
appear on any bonds or coupons shall cease to be [such] AN