3084

LAWS OF MARYLAND

Ch. 488

(2) ANY ACTION TAKEN BY THE AUTHORITY UNDER THIS
SUBTITLE MAY BE AUTHORIZED BY RESOLUTION AT ANY REGULAR OR
SPECIAL MEETING AND MAY TAKE EFFECT IMMEDIATELY AND NEED NOT
BE PUBLISHED.

(D)  (1) THE AUTHORITY MAY ISSUE BONDS FOR THE PURPOSE
OF MAKING AUTHORITY LOANS TO INSTITUTIONS PARTICIPATING IN A
PROGRAM OF THE AUTHORITY FOR THE PURPOSE OF PROVIDING
EDUCATION LOANS.

(2) BONDS ISSUED UNDER THIS SECTION SHALL BE
OBLIGATIONS OF THE MARYLAND HIGHER EDUCATION SUPPLEMENTAL
LOAN AUTHORITY ONLY, AND NOT OF THE STATE OF MARYLAND.

(E)  (1) BONDS ISSUED UNDER THIS SUBTITLE SHALL STATE
ON THE FACE OF EACH BOND THAT THEY REPRESENT AND CONSTITUTE
AN OBLIGATION OF THE AUTHORITY ONLY, AND DO NOT CONSTITUTE
EITHER A DEBT OF THE STATE OF MARYLAND WITHIN THE MEANING OF
THE PROVISIONS OF THE CONSTITUTION OR LAWS OF THE STATE OF
MARYLAND OR A PLEDGE OF THE FAITH AND CREDIT OF THE STATE OF
MARYLAND.

(2) THE BONDS MAY NOT GRANT TO THE OWNERS OR
HOLDERS ANY RIGHT TO HAVE THE AUTHORITY OR THE GENERAL
ASSEMBLY LEVY ANY TAXES OR APPROPRIATE ANY FUNDS FOR THE
PAYMENT OF PRINCIPAL OR INTEREST.

18-1306. POWERS AND FUNCTIONS OF THE AUTHORITY.

(A)  (1) IN ADDITION TO ANY OTHER POWERS GRANTED OR
DUTIES IMPOSED UPON IT, THE AUTHORITY HAS THE POWERS AND
DUTIES SET FORTH IN THIS SECTION.

(2) THE AUTHORITY MAY ADOPT ANY RULE OR
REGULATION NECESSARY TO CARRY OUT ITS POWERS AND DUTIES.

(B)  THE AUTHORITY MAY:

(1)  ADOPT AN OFFICIAL SEAL;

(2)  MAINTAIN AN OFFICE AT THE PLACE OR PLACES IT
MAY DESIGNATE;

(3)  PARTICIPATE IN LEGAL PROCEEDINGS IN THE NAME
OF THE AUTHORITY; AND

(4)  SUE AND BE SUED IN ITS OWN NAME, PLEAD AND
BE IMPLEADED.

(C)  THE AUTHORITY, IN CONSULTATION WITH THE
INSTITUTIONS, MAY ESTABLISH CRITERIA FOR AND GUIDELINES
ENCOMPASSING THE TYPES OF AND QUALIFICATIONS FOR EDUCATION
LOAN FINANCING PROGRAMS WHICH SHALL INCLUDE THOSE
ELIGIBILITY STANDARDS FOR BORROWERS THAT THE AUTHORITY
DETERMINES MAY BE NECESSARY OR DESIRABLE TO EFFECTUATE THE