2058

LAWS OF MARYLAND

Ch. 723

any default by the [commission] COUNTY under any such trust
indenture, which rights and remedies may include the taking
over of any operation by said trustee or by a receiver
appointed by a court of competent jurisdiction of the
project or projects financed with the proceeds of any such
issue of revenue bonds secured by such trust indenture, and
the marshalling of the revenues from any such project or
projects for the use and benefit of bondholders. In
addition to the covenants enumerated above but subject to
the limitations herein contained, the [commission] COUNTY is
hereby authorized and empowered to make such further
additional covenants in any such trust indenture, of like or
different character as, in its judgment, may be necessary,
convenient or desirable for the better security of any issue
of its revenue bonds secured by any such trust indenture or
as will, in its judgment, tend to make any such bonds more
marketable. [Notwithstanding the provisions of section
10A-16 of this chapter, all revenue bonds issued under the
provisions of this chapter shall not be subject to the
provisions of sections 9, 10 and 11 of Article 31 of the
Annotated Code of Maryland (1967 Replacement Volume).]

10A-22.

(A)    THE BOARD MAY PROVIDE FOR THE ISSUANCE OF BONDS
UNDER THIS SECTION AT ANY TIME OR TIMES FOR THE PURPOSE OF
REFUNDING ANY BONDS OF (1) THE DISTRICT, A BODY POLITIC AND
CORPORATE CREATED BY THE COUNTY PURSUANT TO THE PROVISIONS
OF SECTIONS 645 TO 673, INCLUSIVE, OF ARTICLE 43 OF THE
ANNOTATED CODE OF MARYLAND (1971 REPLACEMENT VOLUME AND 1978
SUPPLEMENT); (2) THE COMMISSION; AND (3) THE COUNTY, ACTING
PURSUANT TO THIS CHAPTER, WHICH ARE THEN OUTSTANDING,
INCLUDING THE PAYMENT OF ANY REDEMPTION PREMIUM THEREON AND
ANY INTEREST ACCRUED OR TO ACCRUE TO THE EARLIEST OR ANY
SUBSEQUENT DATE OF REDEMPTION, PURCHASE OR MATURITY OF THE
BONDS. REFUNDING BONDS MAY BE ISSUED IN AN AMOUNT IN EXCESS
OF THAT OF THE BONDS TO BE REFUNDED, BUT THE PROCEEDS OF
SALE OF REFUNDING BONDS, AFTER PAYMENT OF ALL COSTS OF
ISSUANCE OF SAID BONDS, MAY ONLY BE USED TO REFUND THE BONDS
DESCRIBED IN THIS PARAGRAPH. THE POWERS GRANTED AND THE
LIMITATIONS IMPOSED BY SECTIONS 10A-20 AND 10A-21 OF THIS
CHAPTER SHALL ALSO APPLY TO THE ISSUANCE OF REFUNDING BONDS
PURSUANT TO THIS SECTION.

(B)    FOR THE PURPOSE OF DETERMINING WHETHER REFUNDING
BONDS ISSUED UNDER THIS SECTION ARE WITHIN THE DEBT
LIMITATION SPECIFIED IN SECTION 10A-20 OF THIS CHAPTER, THE
AMOUNT OF BONDS OR OTHER OBLIGATIONS TO BE REFUNDED SHALL BE
SUBTRACTED FROM, AND THE AMOUNT OF REFUNDING BONDS TO BE
ISSUED SHALL BE ADDED TO, THE AGGREGATE OF THE COUNTY'S
OUTSTANDING BONDS UNDER THIS CHAPTER.

[10A-18.] 10A-23.

Prior to the preparation of the definitive bonds
authorized to be issued by sections [10A-16 and 10A-17]
10A-20, 10A-21, AND 10A-22 of this chapter, the [commission]