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2075
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HARRY HUGHES, Governor
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thereof is obligated to pay the principal or the interest thereon
except from market OR PARK revenues.
(d) The Authority shall determine the form of the revenue
bonds, including any interest coupons to be attached thereto, the
manner of executing the bonds, the denomination or denominations
of the bonds, and the place or places of payment of principal and
interest thereof, which may be a bank or trust company within or
without the State.
(e) The revenue bonds and any interest coupons to be
attached thereto shall be executed in such manner as may be
determined by the Authority. If any officer whose signature or
facsimile thereof appears on any bond or coupon ceases to be such
officer before the delivery of bonds, the signature or facsimile
thereof shall nevertheless be valid and sufficient for all
purposes the same as if he had remained in office until the
delivery.
(f) All revenue bonds issued under the provisions of this
section have and are hereby declared to have, as between
successive holders, all the qualities and incidents of negotiable
instruments under the negotiable instruments law section of the
Uniform Commercial Code of this State. Provisions may be made
for the registration of any of the bonds in the name of the owner
as to principal alone and also as to both principal and interest,
and for the issuance of new coupon bonds in exchange for bonds
registered as to both principal and interest.
(g) The revenue bonds shall be sold by the Authority, at
public or private sale, in such manner and for such price as it
may determine to be for its best interests, but no sale shall be
made at a price so low as to require the payments of interest on
the money received therefor at more than [six per centum] 6
PERCENT per annum, computed with relation to the absolute
maturity of the bonds in accordance with standard tables of bond
values. None of the provisions of §§ 9, 10 and 11 of Article 31
of the Annotated Code of Maryland (1957 Edition) have any
application to the bonds hereby authorized and such bonds are
explicitly exempted therefrom.
(h) If the proceeds of the revenue bonds, by error of
calculation or otherwise, are less than the amount required for
the purpose for which bonds are authorized, additional bonds may
be issued to provide the amount of the deficit, and unless
otherwise provided by the authorizing resolution or in the trust
indenture hereinafter mentioned, the additional bonds shall be
deemed to be of the same issue and shall be entitled to payment
from the same funds without preference or priority of the bonds
first issued for such purposes. If the proceeds of the bonds
shall exceed the amount required, the surplus shall be paid into
the sinking fund hereinafter provided for the payment of the
principal of and interest on the bonds.
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