2130

LAWS OF MARYLAND

Ch. 744

OPERATING FUNDS FOR CULTURAL INSTITUTIONS WITHIN THE REGION;
AND

(20) WORK COOPERATIVELY WITH ANY PUBLIC OR
PRIVATE ARTS OR CULTURAL ORGANIZATION WITH THE OBJECTIVE OF

SUPPORTING AND ENCOURAGING THE ARTS.

(A)    THE COMMISSION MAY PROVIDE BY RESOLUTION FOR THE
ISSUANCE AT ONE TIME, OR IN SERIES FROM TIME TO TIME, OF
NEGOTIABLE REVENUE BONDS OF THE COMMISSION, FOR THE PURPOSE
OF PAYING ALL OR A PART OF THE COST OF FINANCING NEW CAPITAL
FACILITIES FOR THE ARTS, THE PURCHASE OF PROPERTY, THE
MAINTENANCE OF FACILITIES PRESENTLY OWNED, AND FOR ALL OTHER
PURPOSES SET OUT IN THIS SUBTITLE. THESE BONDS AND ANY
INTEREST COUPONS TO BE ATTACHED SHALL BE EXECUTED IN A
MANNER AS DETERMINED BY THE COMMISSION.

(B)    THE BONDS SHALL BE DATED, SHALL BEAR INTEREST AT
A RATE OR RATES DETERMINED BY THE COMMISSION, PAYABLE
SEMIANNUALLY, AND SHALL MATURE AT A TIME OR TIMES NOT
EXCEEDING 40 YEARS FROM THE DATE OR DATES OF THEIR
RESPECTIVE ISSUES AS MAY BE DETERMINED BY THE COMMISSION,
AND MAY BE MADE REDEEMABLE BEFORE MATURITY, AT THE OPTION OF
THE COMMISSION, AT A PRICE OR PRICES AND UNDER TERMS AND
CONDITIONS AS MAY BE FIXED BY THE COMMISSION PRIOR TO THE
ISSUANCE OF THE BONDS. THE PRINCIPAL OF AND THE INTEREST ON
THESE BONDS MAY BE MADE PAYABLE IN ANY LAWFUL MEDIUM AND
SHALL BE PAYABLE SOLELY FROM THE FUNDS PROVIDED BY THIS
SUBTITLE FOR THIS PAYMENT.

(C)    REVENUE BONDS ISSUED UNDER THE PROVISIONS OF THIS
SECTION DO NOT CONSTITUTE A DEBT OF THE STATE AND ARE NOT A
PLEDGE OF THE FAITH AND CREDIT OF THE STATE. THE BONDS ARE
PAYABLE FROM ANY REVENUES GENERATED BY THE COMMISSION AND
CONSTITUTE A PRIMARY LIEN AGAINST CAPITAL FACILITIES OWNED
BY THE COMMISSION. EACH POLITICAL SUBDIVISION IN THE REGION
SHALL MAY, IN ACCORDANCE WITH ITS USUAL PROCEDURES FOR THE

CREATION AND APPROVAL OF PUBLIC DEBT, ON A PROPORTIONATE

BASIS AND ONLY TO AN EXTENT WHICH MAY BE NECESSARY, ASSIGN A
PLEDGE OF THE FULL FAITH AND CREDIT OF THE POLITICAL
SUBDIVISION TO SUPPORT THE BONDS ISSUED BY THE COMMISSION.

(D)    THE COMMISSION SHALL DETERMINE THE FORM OF THE
REVENUE BONDS, INCLUDING ANY INTEREST COUPONS TO BE ATTACHED
THERETO, THE MANNER OF EXECUTING THE BONDS, THE DENOMINATION
OR DENOMINATIONS OF THE BONDS, AND THE PLACE OR PLACES OF
PAYMENT OF PRINCIPAL AND INTEREST THEREOF, WHICH MAY BE A
BANK OR TRUST COMPANY WITHIN OR WITHOUT THE STATE.

(E)    THE REVENUE BONDS AND ANY INTEREST COUPONS TO BE
ATTACHED THERETO SHALL BE EXECUTED IN A BANNER AS MAY BE
DETERMINED BY THE COMMISSION. IF ANY OFFICER WHOSE
SIGNATURE OR FACSIMILE THEREOF APPEARS ON ANY BOND OR COUPON
CEASES TO BE THAT OFFICER BEFORE THE DELIVERY OF BONDS, THE
SIGNATURE OR FACSIMILE THEREOF IS NEVERTHELESS VALID AND