2636

LAWS OF MARYLAND

Ch. 498

(D)  THE CORPORATION SHALL DETERMINE THE FORM OF THE BONDS,
THE MANNER OF EXECUTING THE BONDS, THE DENOMINATION OR
DENOMINATIONS OF THE BONDS, AND THE PLACE OR PLACES OF PAYMENT OF
PRINCIPAL AND INTEREST WHICH MAY BE A BANK OR TRUST COMPANY
WITHIN OR OUTSIDE OF THE STATE.

(E)  THE BONDS SHALL BE EXECUTED IN THE MANNER DETERMINED BY
THE CORPORATION. IF ANY OFFICER WHOSE SIGNATURE OR FACSIMILE
THEREOF APPEARS ON ANY BOND CEASES TO BE SUCH OFFICER BEFORE THE
DELIVERY OF THE BONDS, THE SIGNATURE OR FACSIMILE THEREOF SHALL
NEVERTHELESS BE VALID AND SUFFICIENT FOR ALL PURPOSES THE SAME AS
IF THE OFFICER HAD REMAINED IN OFFICE UNTIL THE DELIVERY.

(F)  ALL 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 OF THE UNIFORM
COMMERCIAL CODE OF THIS STATE. PROVISIONS MAY BE MADE FOR THE
REGISTRATION OF BONDS.

(G)  THE BONDS SHALL BE SOLD BY THE CORPORATION, AT PUBLIC
OR PRIVATE SALE, IN SUCH MANNER AND FOR SUCH PRICE AS IT MAY
DETERMINE TO BE FOR ITS BEST INTERESTS. NONE OF THE PROVISIONS
OF §§ 9, 10, AND 11 OF ARTICLE 31 OF THE CODE HAVE ANY
APPLICATION TO THE BONDS HEREBY AUTHORIZED AND THE BONDS ARE
EXPLICITLY EXEMPTED FROM THOSE PROVISIONS.

(H) (1) THE CORPORATION MAY PROVIDE FOR THE ISSUANCE OF ITS
BONDS FOR THE PURPOSE OF REFUNDING ANY OF ITS BONDS THEN
OUTSTANDING, INCLUDING THE PAYMENT OF ANY REDEMPTION PREMIUM
THEREON AND ANY INTEREST ACCRUED OR TO ACCRUE TO THE EARLIEST OR
ANY SUBSEQUENT DATE OF REDEMPTION, PURCHASE, OR MATURITY OF ITS
BONDS, AND, IF DEEMED ADVISABLE BY THE CORPORATION, FOR THE
ADDITIONAL PURPOSE OF PAYING ALL OR ANY PART OF THE COST OF A
THE A PROJECT. REFUNDING BONDS MAY BE ISSUED BY THE
CORPORATION FOR ANY CORPORATE PURPOSE, INCLUDING THE PUBLIC
PURPOSES OF REALIZING SAVINGS IN THE EFFECTIVE COSTS OF DEBT
SERVICE, DIRECTLY OR THROUGH A DEBT RESTRUCTURING, OR ALLEVIATING
AN IMPENDING OR ACTUAL DEFAULT OR RELIEVING THE CORPORATION OF
CONTRACTUAL AGREEMENTS WHICH, IN THE OPINION OF THE CORPORATION,
HAVE BECOME UNREASONABLY ONEROUS OR IMPRACTICABLE OR IMPOSSIBLE
TO PERFORM. REFUNDING BONDS IN 1 OR MORE SERIES MAY BE ISSUED IN
AN AMOUNT IN EXCESS OF THAT OF THE BONDS TO BE REFUNDED. WITHOUT
LIMITING THE EXTENT OR NATURE OF ANY SOURCES OF PAYMENT PROVIDED
BY THE CORPORATION, REFUNDING BONDS MAY BE MADE PAYABLE FROM
ESCROWED BOND PROCEEDS AND FROM INTEREST, INCOME, AND PROFITS, IF
ANY, ON INVESTMENTS. SUCH SOURCES MAY BE SO APPLIED IN ADDITION
TO OTHER LAWFUL USES AND SHALL CONSTITUTE REVENUES OF A THE A
PROJECT UNDER THIS SUBTITLE.

(2) THE PROCEEDS OF BONDS ISSUED FOR THE PURPOSE OF
REFUNDING OUTSTANDING BONDS MAY, IN THE DISCRETION OF THE
CORPORATION, BE APPLIED TO THE PURCHASE OR RETIREMENT AT MATURITY
OR REDEMPTION OF SUCH OUTSTANDING BONDS EITHER ON THEIR EARLIEST