3314                                          LAWS OF MARYLAND                                     Ch. 717

(1)  Credited to the [annuity bond fund] ANNUITY BOND
FUND, to be used to pay the principal of or interest on moneys
borrowed by the State and appropriated to the program; or

(2)  Paid into the GENERAL FUND OF THE State [general
treasury], to reimburse the State for administrative and other
costs of the program previously paid from the fund.

18-1309.

(a) (1) The Authority may at any time and from time to time
issue bonds for any corporate purpose.

(2)  The bonds of each issue shall be payable solely
out of revenues of the Authority, including, without limitation:

(i) Principal and interest on Authority loans
and education loans;

(ii) Payments by institutions, banks, insurance
companies, or others pursuant to letters of credit or purchase
agreements;

(iii) Investment earnings from funds or
accounts maintained pursuant to a bond resolution or trust
agreement;

(iv) Insurance proceeds;

(v) Loan funding deposits;

(vi) Proceeds of sales of education loans;

(vii) Proceeds of refunding bonds; and

(viii) Other fees, charges, or revenues of the
Authority.

(3)  Bonds shall be authorized by a bond resolution of
the Authority and shall:

(i) Bear the date or dates, and mature at a
time or times whether as serial bonds or as term bonds or both,
not exceeding the year following the last year in which the final
payments in an education loan series portfolio are due, or 30
years from their respective dates of issue, whichever is sooner;

(ii) Bear interest at a rate or rates
determined by the Authority;

(iii) Be payable at a time or times, in  the

denominations and form, either coupon or registered or both, and

carry the registration and privileges as to conversion and  for

the replacement of mutilated, lost, or destroyed bonds as the
Authority may establish;