HARRY HUGHES, Governor

1843

COUPONS FROM THE BONDS, OR ANY TRUSTEE UNDER A TRUST AGREEMENT
THAT SECURES THE BONDS MAY:

(1)  ENFORCE IN ANY CIVIL ACTION ANY RIGHT GRANTED BY
THE RESOLUTION OR TRUST AGREEMENT OR BY ANY LAW OF THIS STATE;
AND

(2)  COMPEL THE PERFORMANCE OF ANY DUTY IMPOSED ON THE
AUTHORITY OR AN OFFICER OF THE AUTHORITY BY THIS SUBTITLE OR BY
THE RESOLUTION OR TRUST AGREEMENT, INCLUDING SETTING, CHARGING,
AND COLLECTING RATES, FEES, AND CHARGES FOR THE USE OF OR
SERVICES FURNISHED BY ANY PROJECT.

REVISOR'S NOTE: This section is new language derived
without substantive change from former HE § 9-916.

In the introductory paragraph of this section, the
reference to the bonds or coupons that are "attached"
to the bonds is substituted for the former reference
to coupons "appertaining" to the bonds, for clarity.

9-941. PRINCIPAL AND INTEREST; MATURITY; FORM; NEGOTIABILITY;
REGISTRATION; RECONVERSION.

(A)  PRINCIPAL AND INTEREST.

AN AUTHORITY SHALL PAY THE PRINCIPAL OF AND INTEREST ON ITS
BONDS ONLY FROM THE FUNDS FROM WHICH THIS SUBTITLE AUTHORIZES
PAYMENT.

(B)  DATE OF ISSUE, MATURITY, AND REDEMPTION OF BONDS.
FOR ANY BOND THAT AN AUTHORITY ISSUES, THE AUTHORITY:

(1)  SHALL PLACE THE DATE OF ISSUE ON THE BOND;

(2)  SHALL SET THE MATURITY DATE FOR THE BOND, WHICH
SHALL BE ANY TIME UP TO 40 YEARS FROM THE DATE OF ISSUE; AND

(3)  MAY PROVIDE FOR THE REDEMPTION OF THE BOND BEFORE
MATURITY:

(I)  AT THE OPTION OF THE AUTHORITY; AND

(II)  AT A PRICE AND ON TERMS AND CONDITIONS
THAT THE AUTHORITY FIXES BEFORE IT ISSUES THE BOND.

(C)  VALIDITY OF BONDS OR COUPONS SIGNED BY FORMER OFFICER.

A BOND OR CERTIFICATE THAT OTHERWISE CONFORMS TO THIS
SECTION IS VALID AND SUFFICIENT FOR ALL PURPOSES WHETHER OR NOT
THE OFFICER WHOSE SIGNATURE OR A FACSIMILE OF WHOSE SIGNATURE IS
ON THE BOND OR CERTIFICATE IS STILL AN OFFICER WHEN THE BOND OR
CERTIFICATE IS DELIVERED.