HARRY HUGHES, Governor

4333

(B)  BONDS SHALL BE SIGNED BY THE CHIEF EXECUTIVE
OFFICER OF THE PUBLIC BODY OR SUCH OTHER OFFICER AS MAY BE
DESIGNATED BY RESOLUTION, AND THE SEAL OF THE PUBLIC BODY
SHALL BE AFFIXED THERETO AND ATTESTED BY THE CLERK OR OTHER
SIMILAR ADMINISTRATIVE OFFICER OF THE PUBLIC BODY AS MAY BE
DESIGNATED BY RESOLUTION. IF ANY OFFICER WHOSE SIGNATURE OR
COUNTERSIGNATURE APPEARS ON THE BONDS OR COUPONS CEASES TO
BE SUCH OFFICER BEFORE DELIVERY OF THE BONDS, HIS SIGNATURE
OR COUNTERSIGNATURE SHALL NEVERTHELESS BE VALID AND
SUFFICIENT FOR ALL PURPOSES THE SAME AS IF HE HAD REMAINED
IN OFFICE UNTIL DELIVERY. SIGNATURE MAY BE BY FACSIMILE IN
ACCORDANCE WITH § 14 OF ARTICLE 31.

(C)  BONDS SHALL MATURE NOT LATER THAN 30 YEARS FROM
THEIR DATE OF ISSUANCE.

(D)  BONDS SHALL BE SOLD IN SUCH MANNER, EITHER AT
PUBLIC OR PRIVATE (NEGOTIATED) SALE, AND UPON SUCH TERMS,
AT, ABOVE, OR BELOW PAR, AS THE LEGISLATIVE BODY OF THE
COUNTY OR MUNICIPALITY OR THE BOARD OF DIRECTORS OF AN
AUTHORITY DEEMS BEST. ANY CONTRACT FOR THE ACQUISITION OF
ANY FACILITY MAY PROVIDE THAT PAYMENT SHALL BE MADE IN
BONDS. BONDS ARE NOT SUBJECT TO THE LIMITATIONS OF §§ 9,
10, OR 11 OF ARTICLE 31 OF THE CODE.

(E)  BONDS AND THE INTEREST ON THEM ARE LIMITED
OBLIGATIONS OF THE PUBLIC BODY THE PRINCIPAL OF, PREMIUM IF
ANY, AND INTEREST ON WHICH ARE PAYABLE SOLELY (EXCEPT FOR
BOND ANTICIPATION NOTES AND NOTES IN THE NATURE OF
COMMERCIAL PAPER) FROM REVENUES TO BE RECEIVED IN CONNECTION
WITH THE FINANCING OR REFINANCING OF A FACILITY AND FROM ANY
OTHER MONEYS MADE AVAILABLE TO THE PUBLIC BODY FOR SUCH
PURPOSE. NEITHER THE BONDS NOR THE INTEREST THEREON SHALL
EVER CONSTITUTE AN INDEBTEDNESS OR A CHARGE AGAINST THE
GENERAL CREDIT OR TAXING POWERS OF ANY PUBLIC BODY WITHIN
THE MEANING OF ANY CONSTITUTIONAL OR CHARTER PROVISION OR
STATUTORY LIMITATION AND NEITHER SHALL EVER CONSTITUTE OR
GIVE RISE TO ANY PECUNIARY LIABILITY OF ANY ISSUING PUBLIC
BODY. EACH BOND, ON ITS FACE, MAY PLAINLY STATE THAT IT HAS
BEEN ISSUED UNDER THE PROVISIONS OF THIS SUBTITLE AND THAT
IT DOES NOT CONSTITUTE AN INDEBTEDNESS TO WHICH THE FAITH
AND CREDIT OF ANY PUBLIC BODY IS PLEDGED.

(F)  IF THERE IS ANY DEFAULT IN THE PAYMENT OF THE
PRINCIPAL OF OR INTEREST ON ANY BOND, ANY COURT HAVING
JURISDICTION OF THE ACTION MAY APPOINT A RECEIVER OR TAKE
SUCH OTHER ACTION AS THE COURT DEEMS APPROPRIATE TO PROVIDE
FOR THE PAYMENT OF ANY BONDS, AND THE COURT SHALL APPLY ANY
AVAILABLE REVENUE IN CONFORMITY WITH THIS SUBTITLE AND THE
RESOLUTION ADOPTED PURSUANT THERETO.

266G.

(A) WITHIN 60 DAYS AFTER THE DATE OF CLOSING OF ANY
BONDS ISSUED UNDER THIS SUBTITLE, THE ISSUING PUBLIC BODY