HARRY HUGHES, Governor

1171

CERTIFICATES, REFUNDING BONDS, OR ANY OTHER EVIDENCE OF
OBLIGATION.

(2)  THE BONDS OF ANY ISSUE SHALL BE PAYABLE SOLELY
FROM THE PROPERTY OR RECEIPTS OF THE AUTHORITY, INCLUDING,
WITHOUT LIMITATION:

(I)  TAXES, FEES, CHARGES OR OTHER REVENUES
PAYABLE TO THE AUTHORITY;

(II)  PAYMENTS BY FINANCIAL INSTITUTIONS,
INSURANCE COMPANIES, OR OTHERS PURSUANT TO LETTERS OR LINES OF
CREDIT, POLICIES OF INSURANCE, OR PURCHASE AGREEMENTS;

(III)  INVESTMENT EARNINGS FROM FUNDS OR
ACCOUNTS MAINTAINED PURSUANT TO A BOND RESOLUTION OR TRUST
AGREEMENT; AND

(IV)  PROCEEDS OF REFUNDING BONDS.

(3)  BONDS SHALL BE AUTHORIZED BY A RESOLUTION OF THE
AUTHORITY AND MAY BE SECURED BY A TRUST AGREEMENT BY AND BETWEEN
THE AUTHORITY AND A CORPORATE TRUSTEE OR TRUSTEES, WHICH MAY BE
ANY TRUST COMPANY OR BANK HAVING THE POWERS OF A TRUST COMPANY
WITHIN OR WITHOUT THE STATE. BONDS SHALL:

(I)  BE ISSUED AT, ABOVE OR BELOW PAR VALUE, FOR
CASH OR OTHER VALUABLE CONSIDERATION, AND MATURE AT A TIME OR
TIMES, WHETHER AS SERIAL BONDS OR AS TERM BONDS OR BOTH, NOT
EXCEEDING 40 YEARS FROM THEIR RESPECTIVE DATES OF ISSUE; HOWEVER
THE LENGTH OF THE TERM OF THE BOND SHOULD BEAR A REASONABLE
RELATIONSHIP TO THE USEFUL LIFE OF THE ITEM FINANCED;

(II)  BEAR INTEREST AT THE FIXED OR VARIABLE
RATE OR RATES DETERMINED BY THE METHOD PROVIDED IN THE RESOLUTION
OR TRUST AGREEMENT;

(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
RESOLUTION OR TRUST AGREEMENT MAY PROVIDE;

(IV)  BE DEEMED A "SECURITY" WITHIN THE MEANING
OF § 8-102 OF THE COMMERCIAL LAW ARTICLE OF THE CODE, WHETHER OR
NOT IT IS EITHER ONE OF A CLASS OR SERIES OR BY ITS TERMS IS
DIVISIBLE INTO A CLASS OR SERIES OF INSTRUMENTS AND NEGOTIABLE
FOR ALL PURPOSES ALTHOUGH PAYABLE FROM A LIMITED SOURCE,
NOTWITHSTANDING ANY OTHER LAW;

(V)  BE PAYABLE IN LAWFUL MONEY OF THE UNITED
STATES AT A DESIGNATED PLACE;