HARRY HUGHES, Governor

3089

(3)  BONDS SHALL BE AUTHORIZED BY A BOND
RESOLUTION OF THE AUTHORITY AND SHALL:

(I)  BEAR THE DATE OR DATES, AND MATURE AT
A TIME OR TIMES WHETHER AS SERIAL BONDS OR AS TERM BONDS OR
BOTH, NOT EXCEEDING THE YEAR FOLLOWING THE LAST YEAR IN
WHICH THE FINAL PAYMENTS IN AN EDUCATION LOAN SERIES
PORTFOLIO ARE DUE, OR 30 YEARS FROM THEIR RESPECTIVE DATES
OF ISSUE, WHICHEVER IS SOONER;

(II)  BEAR INTEREST AT A RATE OR RATES
DETERMINED BY THE AUTHORITY;

(III)  BE PAYABLE AT A TIME OR TIMES, IN
THE DENOMINATIONS AND FORM, EITHER COUPON OR REGISTERED OR
BOTH, AND CARRY THE REGISTRATION AND PRIVILEGES AS TO
CONVERSION AND FOR THE REPLACEMENT OF MUTILATED, LOST, OR
DESTROYED BONDS AS THE AUTHORITY MAY ESTABLISH;

(IV)  BE DEEMED A "SECURITY" WITHIN THE
MEANING OF § 8-102 OF THE COMMERCIAL LAW ARTICLE OF THE
CODE, WHETHER OR NOT IT IS EITHER ONE OF A CLASS OR SERIES
OR BY ITS TERMS IS DIVISIBLE INTO A CLASS OR SERIES OF
INSTRUMENTS AND NEGOTIABLE FOR ALL PURPOSES ALTHOUGH PAYABLE
FROM A LIMITED SOURCE, NOTWITHSTANDING ANY OTHER LAW . ;

(V)  BE PAYABLE IN LAWFUL MONEY OF THE
UNITED STATES AT A DESIGNATED PLACE;

(VI)  BE SUBJECT TO THE TERMS OF REDEMPTION
THAT THE BOND RESOLUTION PROVIDES;

(VII)  BE EXECUTED BY THE MANUAL OR
FACSIMILE SIGNATURES OF THE OFFICERS OF THE AUTHORITY
DESIGNATED BY THE AUTHORITY; AND

(VIII)  BE SOLD IN THE MANNER AND UPON THE
TERMS DETERMINED BY THE AUTHORITY INCLUDING PRIVATE
(NEGOTIATED) SALE AND BE EXEMPT FROM THE PROVISIONS OF §§ 9,
10, AND 11 OF ARTICLE 31 OF THE CODE.

(4)  PENDING PREPARATION OF THE DEFINITIVE BONDS,
THE AUTHORITY MAY ISSUE INTERIM RECEIPTS OR CERTIFICATES
WHICH SHALL BE EXCHANGED FOR SUCH DEFINITIVE BONDS.

(B) ANY BOND RESOLUTION MAY CONTAIN PROVISIONS, WHICH
SHALL BE A PART OF THE CONTRACT WITH THE HOLDERS OF THE
BONDS TO BE AUTHORIZED, AS TO:

(1)  PLEDGING OR ASSIGNING THE REVENUES DERIVED
FROM THE AUTHORITY LOANS AND EDUCATION LOANS WITH RESPECT TO
WHICH SUCH BONDS ARE TO BE ISSUED;

(2)  THE FEES AND OTHER CHARGES TO BE COLLECTED
AND THE SUMS TO BE RAISED IN EACH YEAR THEREBY, AND THE USE,
INVESTMENT, AND DISPOSITION OF SUCH SUMS;