1756

LAWS OF MARYLAND

Ch. 289

(b) Proceeds. (1) The proceeds of [such] THE bonds shall be
used solely for the payment of the cost of the project or
projects [on account of] FOR which [such] THE bonds are issued
and shall be disbursed in [such] THE manner and under [such] THE
restrictions, if any, as PROVIDED BY the Commission [may provide]
in the authorizing resolution.

(2)   If the COST OF THE PROJECT EXCEEDS THE proceeds
[of such] FROM THE bonds, by error of estimates or otherwise,
[shall be less than such cost,] additional bonds may [in like
manner] be issued to [provide] COVER the amount of [such] THE
deficit[, and, unless]. UNLESS otherwise provided in the
authorizing resolution, THE ADDITIONAL BONDS shall be deemed to
be of the same issue and shall be entitled to payment from the
same fund without preference or priority of the bonds first
issued for the same purpose.

(3)   If the proceeds [of] FROM the [bonds] SALE of any
BOND issue [shall exceed] EXCEEDS the amount required for the
purpose for which [such] THE bonds [shall] have been issued, the
Commission [may], by [appropriate] resolution, MAY apply [such]
THE surplus EITHER to payment of the cost of an additional
project or projects or [such surplus shall be used] for the
retirement of bonds of [such] THAT issue, as PROVIDED in the
authorizing resolution [provided].

(4)   [In every case where] WHERE the proceeds [of any
such] FROM THE issue of bonds [shall be] ARE expended for the
cost of [one] 1 or more projects, whether or not in [one] or more
subdistricts, the Commission shall [cause] CREATE separate
capital accounts [to be created] for each [such] project, among
which [said] bond proceeds shall be divided and from which the
separate costs of each [such] project shall be paid.

(5)  As soon as each [such] project is completed, the
special assessments or other charges imposed or made by the
Commission with respect [thereto] TO THE PROJECT shall be
calculated in [such] WHATEVER manner as to provide a proportion
of the annual debt service on [said] THE issue of bonds equal to
the proportion of the proceeds of [said] THE issue expended on
[such] THE project. (1957 Code, sec. 536. 1957, ch. 694, sec.
882; 1961, ch. 743, sec. 536; 1963, ch. 568, sec. 534(a); 1970,
ch. 86, sec. 534(a).)

28-8. Revenue bonds; issue; form.

(A) For the purpose of financing, in whole or in part, the
cost of a project or projects in [one] 1 or more subdistricts,
the District [is hereby authorized and empowered], in addition to
the authority and power conferred by Section 28-7 of this
subtitle, [to] MAY borrow money in [such amounts as may be]
WHATEVER AMOUNT IS needed for [said] THAT purpose [and to]. THE
DISTRICT MAY evidence [such] ITS borrowing by the issuance and
sale of its negotiable revenue bonds[, payable as to principal].