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1395
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HARRY HUGHES, Governor
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revenues of any facility, it shall make a determination before
issuing any such revenue bonds that the anticipated gross
revenues will be sufficient to pay costs of operation and
maintenance of any such facility and the required debt service on
the revenue bonds, including necessary reserves therefor.
(6) Any revenue bonds issued by the Commission
hereunder may be in registered or coupon form and in such
denomination or denominations as the Commission may determine,
and such registered or coupon bonds may be made interchangeable
after the initial issuance thereof under whatever rules and
regulations [as] the Commission may prescribe. The bonds shall
bear such rate or rates of interest as the Commission may
determine, from time to time, and the bonds may be sold for
prices at, above, or below their par value. However, a sale may
not be made at a price which would yield a rate in excess of the
maximum legal rate of interest fixed by the laws of Maryland.
Notwithstanding the provisions of any other public general or
public local law of the State of Maryland, any such revenue bonds
may be sold or marketed by the Commission by the solicitation of
competitive bids at public sale, after due notice, by private
negotiation with one or more buyers, or by their marketing and
distribution through the agency of a qualified investment banker
or broker. The bonds may be issued to mature in annual
installments over such number of years as the Commission may
prescribe, or they may be issued as term bonds, all to mature on
a single date, or as a combination of both serial and term bonds.
Whenever term bonds are issued, the Commission shall provide for
the establishment and operation of a sinking fund for their
retirement, into which the revenues from the facility to be
financed shall be deposited. Each issue of revenue bonds shall
be in such form or forms as the Commission may prescribe prior to
their issuance, and shall be executed on behalf of the Commission
by the manual or facsimile signature of its chairman. The
corporate seal of the Commission shall be impressed or imprinted
on the bonds, attested by the manual or facsimile signature of
the secretary-treasurer of the Commission. All of the bonds
shall be valid, notwithstanding the fact that any such officer
signing the same may cease to be such prior to the delivery of
the bonds or may become such after the date of issue of any such
bonds. Any revenue bonds issued in accordance with the
provisions of this subsection shall be deemed to be negotiable
instruments under the laws of Maryland, notwithstanding the
limitations and references contained in them. Revenue bonds
issued under the authority of this subsection constitute limited
obligations of the Commission and of the county guaranteeing the
bonds, as hereinafter provided, payable as to principal and
interest solely from the revenues pledged to such payment and
each revenue bond issued hereunder shall so recite. Accordingly,
the provisions of § [6-103] 6-102 of this article are
inapplicable to the revenue bonds issued under this subsection.
Any such revenue bonds may be issued subject to redemption by the
Commission prior to their maturity at a redemption price or
prices in excess of their par value, and such redemption may be
executed with funds of the Commission other than the revenues
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