3192

LAWS OF MARYLAND

Ch. 871

(A)  TO ISSUE, PRIOR TO THE PREPARATION OF DEFINITIVE
BONDS, INTERIM RECEIPTS OR TEMPORARY BONDS, WITH OR WITHOUT
COUPONS, EXCHANGEABLE FOR DEFINITIVE BONDS WHEN SUCH BONDS
HAVE BEEN EXECUTED AND ARE AVAILABLE FOR DELIVERY.

(B)  TO ISSUE AND SELL ITS BOND ANTICIPATION NOTES, THE
PRINCIPAL OF AND INTEREST ON SUCH NOTES TO BE MADE PAYABLE
TO THE BEARER OR REGISTERED HOLDER THEREOF OUT OF THE FIRST
PROCEEDS OF SALE OF BONDS THEREIN DESIGNATED AND TO ISSUE
AND TO SELL ITS REVENUE ANTICIPATION NOTES OR GRANT
ANTICIPATION NOTES, THE PRINCIPAL OF AND INTEREST ON SUCH
NOTES TO BE MADE PAYABLE TO THE BEARER OR REGISTERED HOLDER
THEREOF OUT OF THE FIRST RECEIPTS OF THE REVENUES OR GRANTS
(AS THE CASE MAY BE) THEREIN DESIGNATED. THE AUTHORIZING
RESOLUTION MAY MAKE PROVISION FOR THE ISSUANCE OF SUCH NOTES
IN SERIES AS FUNDS ARE REQUIRED AND FOR THE RENEWAL OF SUCH
NOTES AT MATURITY WITH OR WITHOUT RESALE. THE ISSUANCE OF
SUCH NOTES AND THE DETAILS THEREOF, THE RIGHTS OF THE
HOLDERS THEREOF, AND THE RIGHTS, DUTIES, AND OBLIGATIONS OF
THE AUTHORITY IN RESPECT THERETO, SHALL BE GOVERNED BY THE
PROVISIONS OF THIS ARTICLE SUBTITLE RELATING TO BONDS,
INSOFAR AS THE SAME MAY BE APPLICABLE.

(C)  TO ISSUE AND SELL ITS REVENUE BONDS IN THE NATURE
OF INDUSTRIAL DEVELOPMENT BONDS, WHETHER THE BONDS BE
POLLUTION CONTROL REVENUE BONDS, SOLID WASTE DISPOSAL
REVENUE BONDS OR OTHER TYPES OF INDUSTRIAL DEVELOPMENT
REVENUE BONDS, FOR THE PURPOSE OF BORROWING MONEY TO LEND TO
ANY PERSON OR SUBDIVISION FOR THE ACCOMPLISHMENT BY SUCH
PERSON OR SUBDIVISION OF A PROJECT OR PROJECTS. THE
PRINCIPAL OF AND INTEREST ON SUCH BONDS MAY BE MADE PAYABLE
TO THE BEARER OR REGISTERED HOLDER THEREOF OUT OF;

(1)  THE REVENUES RECEIVED BY THE AUTHORITY FROM
SUCH PERSON OR SUBDIVISION OR OTHERWISE RECEIVED IN
CONNECTION WITH SUCH PROJECT;

(2)  ANY PROPERTY PLEDGED OR MORTGAGED AS
SECURITY FOR SUCH BONDS; OR

(3)  ANY OTHER SOURCES DESIGNATED BY THE
AUTHORITY. THE AUTHORIZING RESOLUTION MAY MAKE PROVISION
FOR THE ISSUANCE OF SUCH BONDS IN SERIES AS FUNDS ARE
REQUIRED. THE ISSUANCE OF SUCH BONDS AND THE DETAILS
THEREOF, THE RIGHTS OF THE HOLDERS THEREOF, AND THE RIGHTS,
DUTIES, AND OBLIGATIONS OF THE AUTHORITY IN RESPECT THERETO
SHALL BE GOVERNED BY THE PROVISIONS OF THIS ARTICLE SUBTITLE
RELATING TO THE BONDS, INSOFAR AS THE SAME MAY BE
APPLICABLE. THE AUTHORITY, HOWEVER, IN ITS DISCRETION, MAY
MAKE OR APPROVE SUCH PROVISIONS IN CONNECTION WITH THE
ISSUANCE OF THE BONDS AUTHORIZED BY THIS PARAGRAPH,
INCLUDING (WITHOUT LIMITATION) THE SECURITY FOR SUCH BONDS,
THE PRIORITY OF THE BONDS WITH REGARD TO SUCH SECURITY
(WHICH PRIORITY MAY BE SENIOR, OR SUBORDINATED TO, OR ON A
PARITY WITH, OTHER OBLIGATIONS) AS THE AUTHORITY MAY DEEM
NECESSARY OR APPROPRIATE TO EFFECTUATE THE ACQUISITION,