604

LAWS OF MARYLAND

Ch. 22

(b) Use of proceeds; deficit; surplus. —-The proceeds
of the bonds of each issue shall be used solely for the
payment of the cost of the housing unit or housing units for
which such bonds shall have been issued and shall be
disbursed in such manner and under such restrictions, if
any, as the said board of trustees may provide in the
resolution authorizing the issuance of such bonds or in the
trust agreement hereinafter mentioned securing the same.
If the proceeds of the bonds of any issue, by error of
estimates or otherwise, shall be less than such cost,
additional bonds without limitation as to the aggregate
principal amount thereof may in like manner be issued to
provide the amount of such deficit, and, unless otherwise
provided in the resolution authorizing the issuance of such
bonds or in the trust agreement securing the same, shall be
deemed to be of the same issue and shall be entitled to
payment from the same fund, without preference or priority
of the bonds first issued. If the proceeds of the bonds of
any issue shall exceed the cost of the housing unit or
housing units for which the same shall have been issued, the
surplus shall be deposited to the credit of the sinking fund
for such bonds.

(c) Interim receipts or temporary bonds; lost or
destroyed bonds. - Prior to the preparation of definitive
bonds, said board of trustees may, under like restrictions,
issue interim receipts or temporary bonds, with or without
coupons, exchangeable for definitive bonds when such bonds
shall have been executed and are available for delivery.
Said board of trustees may also provide for the replacement
of any bonds which shall become mutilated or shall be
destroyed or lost.

(d) • Consent of other departments, etc.; Statutory
conditions upon sale of public securities inapplicable.
—Bonds may be issued under the provisions of §§ 14B—14K,
inclusive, of this subtitle without obtaining the consent of
any department, division, commission, board, bureau, or
agency of the State, and without any other proceedings or
the happening of any other conditions or things than those
proceedings, conditions or things which are specifically
required by the provisions of §§ 14B—14K, inclusive, of this
subtitle. The provisions of §§ 9-11, inclusive, of Article
31 of the Annotated Code of Maryland (1957 Edition), and any
amendments thereto, shall not apply to revenue bonds issued
under the provisions of §§ 14B-14K, inclusive, of this
subtitle.

(e)   Not to constitute obligation of State; payment of
principal and interest. —-Any bonds issued under the
authority of §§ 14B-14K, inclusive, of this subtitle shall
not create or constitute any indebtedness or obligation of
the State of Maryland or of any political subdivision
thereof, except said board of trustees, either legal,
equitable, moral or otherwise, and the bonds shall so state
on their face; nor shall such bonds constitute a debt or
obligation contracted by the General Assembly or pledge the