2132

LAWS OF MARYLAND

Ch. 744

TO TIME IN THE MANNER HEREINABOVE PROVIDED AND SHALL BE
DEEMED A PART OF THE ORIGINAL ISSUE AUTHORISED BY THE
RESOLUTION, AND SHALL BE ISSUED UNDER RESTRICTIONS AND
LIMITATIONS AS PRESCRIBED BY THE RESOLUTION OR TRUST
INDENTURE; BUT THE ADDITIONAL BONDS SHALL RANK EQUALLY AND
ON A PARITY WITH THE OTHER BONDS AUTHORISED THEREBY.

(K) THE COMMISSION MAY PROVIDE BY RESOLUTION FOR THE
ISSUANCE OF ITS REVENUE REFUNDING BONDS FOR THE PURPOSE OF
REFUNDING ANY BONDS THEN OUTSTANDING AND ISSUED UNDER THE
PROVISIONS OF THIS SECTION. THE ISSUANCE OF THE REFUNDING
BONDS, THE DETAILS THEREOF, THE RIGHTS OF THE HOLDERS
THEREOF, AND THE DUTIES OF THE COMMISSION IN RESPECT TO THEM
SHALL BE GOVERNED BY THE PROVISIONS OF THIS SECTION INSOFAR
AS APPLICABLE. THE REFUNDING BONDS SHALL MATURE AT SUCH
TIME OR TIMES NOT EXCEEDING 40 YEARS FROM THE DATE OR DATES
OF THEIR RESPECTIVE ISSUES AS DETERMINED BY THE COMMISSION.

(L) THE COMMISSION MAY PROVIDE BY RESOLUTION FOR THE
ISSUANCE OF A SINGLE ISSUE OF ITS REVENUE BONDS FOR THE
COMBINED PURPOSES OF (1) PAYING THE COST OF ANY IMPROVEMENT,
EXTENSION, ENLARGEMENT, OR RECONSTRUCTION OF CAPITAL
FACILITIES; AND (2) REFUNDING ITS BONDS THERETOFORE ISSUED
FOR SUCH FINANCING AND THEN OUTSTANDING AND WHICH SHALL THEN
HAVE MATURED OR BE SUBJECT TO REDEMPTION OR CAN BE ACQUIRED
FOR RETIREMENT. THE REVENUE REFUNDING BONDS SHALL MATURE AT
SUCH TIME OR TIMES NOT EXCEEDING 40 YEARS FROM THE DATE OR
DATES OF THEIR RESPECTIVE ISSUES AS MAY BE DETERMINED BY THE
COMMISSION.

(M) ALL MONEYS RECEIVED FROM ANY REVENUE BONDS ISSUED
AND SOLD UNDER THE PROVISIONS OF THIS SECTION SHALL BE
APPLIED SOLELY FOR THE PURPOSES TOR WHICH THE BONDS ARE
AUTHORIZED OR TO THE SINKING FUND CREATED TOR THE PAYMENT OF
THE BONDS, AND THERE IS CREATED AND GRANTED A LIEN UPON SUCH
MONEYS UNTIL SO APPLIED IN FAVOR OF THE HOLDERS OF THE BONDS
OR PAID TO THE TRUSTEE HEREINAFTER PROVIDED FOR THE BONDS.

(N) IN THE DISCRETION OF THE COMMISSION, THE REVENUE
BONDS MAY BE SECURED BY A TRUST INDENTURE BY AND BETWEEN THE
COMMISSION AND A CORPORATE TRUSTEE, WHICH MAY BE ANY TRUST
COMPANY OR BANK HAVING THE POWERS OF A TRUST COMPANY WITHIN
OR OUTSIDE OF THE STATE. SUCH TRUST INDENTURE MAY PLEDGE OR
ASSIGN ALL REVENUES TO BE RECEIVED FROM THE CAPITAL
FACILITIES OF THE COMMISSION, BUT IT SHALL NOT CONVEY OR
MORTGAGE THESE CAPITAL FACILITIES OR ANY PART OR PARTS
THEREOF EXCEPT WITH THE EXPRESS CONSENT OF THE BOARD OF
PUBLIC WORKS. THE TRUST INDENTURE MAY PROVIDE THAT ANY
MONEY REALIZED FROM THE SALE OR THE DISPOSITION OF ANY OF
THE LAND, BUILDINGS, STRUCTURES, FACILITIES, EQUIPMENT, AND
OTHER PROPERTY OF THE COMMISSION MAY BE USED TO PAY THE
INTEREST ON AND PRINCIPAL OF THE REVENUE BONDS. EITHER THE
RESOLUTION PROVIDING FOR THE ISSUANCE OF BONDS OF THE TRUST
INDENTURE MAY CONTAIN PROVISIONS FOR PROTECTING AND
ENFORCING THE RIGHTS AND REMEDIES OF THE BONDHOLDERS AS
REASONABLE AND PROPER, NOT IN VIOLATION OF LAW, INCLUDING
COVENANTS SETTING FORTH THE DUTIES OF THE COMMISSION IN