HARRY HUGHES, Governor                                     2639

558.

ANY HOLDER OF BONDS ISSUED UNDER THE PROVISIONS OF THIS
SUBTITLE AND THE TRUSTEE UNDER THE TRUST INDENTURE, IF ANY,
EXCEPT TO THE EXTENT THE RIGHTS GRANTED BY THIS SUBTITLE ARE
RESTRICTED BY RESOLUTION PASSED BEFORE THE ISSUANCE OF THE BONDS
OR BY THE TRUST INDENTURE, EITHER AT LAW OR IN EQUITY, BY SUIT,
ACTION, MANDAMUS, OR OTHER PROCEEDINGS, MAY PROTECT AND ENFORCE
ANY AND ALL RIGHTS UNDER THE LAWS OF MARYLAND OR UNDER THE
RESOLUTION OR TRUST INDENTURE, AND MAY ENFORCE AND COMPEL
PERFORMANCE OF ALL DUTIES REQUIRED BY THIS SUBTITLE OR BY THE
RESOLUTION OR TRUST INDENTURE TO BE PERFORMED BY THE CORPORATION,
OR ANY OFFICER OF THE CORPORATION.

559.

BONDS OF THE CORPORATION ISSUED UNDER THE PROVISIONS OF THIS
SUBTITLE ARE SECURITIES IN WHICH ALL PUBLIC OFFICERS, POLITICAL
SUBDIVISIONS, BANKS, TRUST COMPANIES, SAVINGS AND LOAN
ASSOCIATIONS, INVESTMENT COMPANIES, INSURANCE ASSOCIATIONS AND
OTHERS CARRYING ON AN INSURANCE BUSINESS, PERSONAL
REPRESENTATIVES, ADMINISTRATORS, EXECUTORS, GUARDIANS, TRUSTEES,
OTHER FIDUCIARIES, AND OTHER PERSONS MAY LEGALLY AND PROPERLY
INVEST FUNDS, INCLUDING CAPITAL IN THEIR CONTROL OR BELONGING TO
THEM. THE BONDS ARE SECURITIES WHICH PROPERLY AND LEGALLY MAY BE
DEPOSITED WITH AND RECEIVED BY ANY POLITICAL SUBDIVISION OR ANY
OFFICER OF THE STATE OR OF ANY POLITICAL SUBDIVISION FOR ANY
PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR OTHER OBLIGATIONS OF
THE STATE IS AUTHORIZED BY LAW.

560.

WITH THE EXCEPTION OF THE STATE AND LOCAL REAL ESTATE TAXES
AS REQUIRED BELOW, THE CORPORATION SHALL NOT BE REQUIRED TO PAY
ANY TAXES OR ASSESSMENTS UPON ITS PROPERTIES OR ACTIVITIES OR
UPON ANY REVENUES THEREFROM; PROVIDED HOWEVER THAT WHENEVER THE
CORPORATION SELLS OR LEASES LAND OR FACILITIES TO ANY PRIVATE
ENTITY OR ENTITIES, SUCH LAND OR FACILITIES SHALL BE SUBJECT TO
STATE AND LOCAL PROPERTY TAXES FROM THE TIME OF SUCH SALE OR
LEASE. THE BONDS OF THE CORPORATION AND THE INTEREST THEREON ARE
FOREVER EXEMPT FROM ALL STATE, MUNICIPAL, AND LOCAL TAXATION.

561.

THE STATE TREASURER IS AUTHORIZED TO ADVANCE TO THE
CORPORATION A SUM NOT TO EXCEED $450,000 FOR THE INITIAL EXPENSES
OF THE CORPORATION. THIS SUM SHALL BE REPAID OUT OF THE FIRST
MONEYS AVAILABLE TO THE CORPORATION FROM ITS REVENUES.

562.

(A) THE CORPORATION MAY PROVIDE FOR THE CREATION,
CONTINUATION, AND ADMINISTRATION OF ANY FUNDS IT MAY REQUIRE.
MONEY IN THESE FUNDS AND OTHER MONEY OF THE CORPORATION SHALL BE