HARRY HUGHES, Governor                              2403

BOND ISSUE" AND "AGAINST THE BOND ISSUE." IF A MAJORITY OF
THE PERSONS VOTING ON THE QUESTION WITHIN THE GEOGRAPHICAL
LIMITS OF THE AUTHORITY VOTES "FOR THE BOND ISSUE," THE
AUTHORITY MAY PROCEED TO ISSUE THE BONDS. IF A MAJORITY OF
THE PERSONS VOTING ON THE QUESTION WITHIN THE GEOGRAPHICAL
LIMITS OF THE AUTHORITY VOTES "AGAINST THE BOND ISSUE," THE
PROPOSAL TO ISSUE THE BONDS SHALL BE NULL AND VOID AND OF NO
EFFECT. NO REFERENDUM VOTE SHALL BE CONSTRUED TO PREVENT
THE SUBMISSION OF THE SAME OR A SIMILAR QUESTION AT A
REFERENDUM AT ANY TIME IN THE FUTURE.

(C)  USE OF PROCEEDS OF BONDS.

THE PROCEEDS OF THE BONDS SHALL BE USED SOLELY FOR THE
PAYMENT OF THE COST OF THE PROJECT OR PROJECTS ON ACCOUNT OF
WHICH THE BONDS ARE ISSUED AND SHALL BE DISBURSED IN THE
MANNER AND UNDER THE RESTRICTIONS, IF ANY, THAT THE
AUTHORITY PROVIDES IN THE AUTHORIZING RESOLUTION OR IN THE
TRUST AGREEMENT SECURING THE BONDS. IF THE PROCEEDS OF THE
BONDS, BY ERROR OF ESTIMATES OR OTHERWISE, ARE LESS THAN
THIS COST, ADDITIONAL BONDS MAY IN LIKE MANNER BE ISSUED TO
PROVIDE THE AMOUNT OF THE DEFICIT, AND, UNLESS OTHERWISE
PROVIDED IN THE AUTHORIZING RESOLUTION OR IN THE TRUST
AGREEMENT SECURING THE BONDS, 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 FOR THE SAME PURPOSE. IF THE PROCEEDS OF THE BONDS
OF ANY ISSUE EXCEED THE AMOUNT REQUIRED FOR THE PURPOSE OF
WHICH THE BONDS WERE ISSUED, THE SURPLUS SHALL BE DEPOSITED
TO THE CREDIT OF THE RESERVE ACCOUNT OR SINKING FUND FOR THE
BONDS.

(D)  TEMPORARY BONDS; LOST BONDS; ISSUANCE WITHOUT
APPROVAL OR CONSENT.

PRIOR TO THE PREPARATION OF DEFINITIVE BONDS, THE
AUTHORITY MAY, UNDER LIKE RESTRICTIONS, ISSUE INTERIM
RECEIPTS OR TEMPORARY BONDS, WITH OR WITHOUT COUPONS,
EXCHANGEABLE FOR DEFINITIVE BONDS WHEN THOSE BONDS HAVE BEEN
EXECUTED AND ARE AVAILABLE FOR DELIVERY. THE AUTHORITY MAY
ALSO PROVIDE FOR THE REPLACEMENT OF ANY BONDS THAT BECOME
MUTILATED OR ARE DESTROYED OR LOST. BONDS MAY BE ISSUED
UNDER THIS SUBTITLE WITHOUT OBTAINING THE APPROVAL OR
CONSENT OF ANY DEPARTMENT, DIVISION, COMMISSION, BOARD,
BUREAU, OR AGENCY OF THIS STATE, AND WITHOUT ANY OTHER
PROCEEDING OR THE HAPPENING OF ANY OTHER CONDITION OR THING
THAN THOSE PROCEEDINGS, CONDITIONS, OR THINGS THAT ARE
SPECIFICALLY REQUIRED BY THIS SUBTITLE. THE PROVISIONS OF
ARTICLE 31, §§ 9 THROUGH 11 DO NOT APPLY TO REVENUE BONDS OR
TO REVENUE REFUNDING BONDS ISSUED UNDER THIS SUBTITLE.

(E)  LIMITATIONS ON ISSUANCE OF ADDITIONAL REVENUE
BONDS.

THE RESOLUTION PROVIDING FOR THE ISSUANCE OF REVENUE