2180

LAWS OF MARYLAND

Ch. 739

For the purpose of providing funds for the design,
construction, establishment, purchase, or condemnation of
water [supply], sewerage and drainage systems in Carroll
County pursuant to this subtitle, the [Commission] COUNTY is
hereby authorized and empowered, in addition to the
authority and power conferred by Section 15—16 of this
subtitle, [after the approval of the Board,] to borrow money
in such amounts as may be needed for said purpose and to
evidence such borrowing by the issuance and sale of its
negotiable revenue bonds, payable as to principal and
interest solely from the proceeds of special benefit
assessments and other charges imposed and made by the
[Commission] COUNTY on the project or projects so financed
with the proceeds of said bonds, which revenues the
[Commission] COUNTY is hereby authorized to pledge to such
payment. The [Commission] BOARD is hereby authorized and
empowered to fix and determine the form and tenor of said
revenue bonds, the denominations thereof, the rate or rates
of interest payable thereon, the place or places of payment
thereof, and the method of sale thereof, all as provided in
Section 15-16 of this subtitle, except that the amount of
such revenue bonds which may be issued by the [Commission]
COUNTY shall be limited only by the cost of the project or
projects to be financed thereby and such revenue bonds shall
[contain no guarantee of payment of principal and interest
by] NOT CONSTITUTE AN OBLIGATION ON THE FAITH AND CREDIT OF
the County tut, on the contrary, shall recite that the
principal and interest thereof are payable solely from the
revenues prescribed therein or in the resolution or trust
indenture authorizing the same. The [Commission] BOARD is
hereby authorized and empowered, in its discretion, to
secure any revenue bonds issued hereunder by an appropriate
trust indenture by and between the [Commission] COUNTY and a
corporate trustee, which may be any trust company, or bank
having trust powers, within or outside the State. Every
such trust indenture, and revenue bonds secured thereby,
shall clearly recite that such bonds are obligations of the
[Commission] COUNTY, payable solely from the revenues
therein prescribed, and do not constitute GENERAL
obligations of the County or of the State of Maryland AND
THAT THE FAITH AND CREDIT OF THE COUNTY AND ITS TAXING POWER
ARE NOT PLEDGED TO THE PAYMENT OF THE BONDS. Any such trust
indenture may contain covenants on the part of the
[Commission] COUNTY, not contrary to law, deemed necessary
or appropriate by the [Commission] BOARD for the proper
security of the purchasers of any such bonds, but the
[Commission] COUNTY shall enter into no covenant which shall
permit said trustee or bondholders in any manner to sell or
otherwise divest the [Commission] COUNTY of its title to any
project or projects financed with the proceeds of any such
bonds, without the prior written consent of the County [and
the Commission], Subject to the foregoing limitation, any
such trust indenture may contain covenants for the
protection of bondholders, relating to all or any of the
following: (1) the nature, extent and procedure for
acquiring or constructing any project or projects and the
supervision thereof; (2) the maintenance and operation of
any such project or projects, and the supervision thereof,