2650

LAWS OF MARYLAND

Ch. 704

(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
PAYMENT IS DUE ON ANY EDUCATION LOAN MADE FROM THE PROCEEDS OF
SUCH BONDS, 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;

(IV)  BE DEEMED A "SECURITY" WITHIN THE MEANING
OF § 8-102 OF THE COMMERCIAL LAW ARTICLE OF THE ANNOTATED CODE OF
MARYLAND, 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 NOTWITHSTANDING PAYMENT FROM A
LIMITED SOURCE, NOTWITHSTANDING ANY OTHER LAW;

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

(VI)  BE SUBJECT TO THE TERMS OF REDEMPTION THAT
THE BOND RESOLUTION PROVIDES;

(VII)  BE EXECUTED BY THE MANUAL OR FACSIMILE
SIGNATURES OF THE OFFICERS OF THE AUTHORITY DESIGNATED BY THE
AUTHORITY; AND

(VIII)  BE SOLD IN THE MANNER AND UPON THE TERMS
DETERMINED BY THE AUTHORITY INCLUDING PRIVATE (NEGOTIATED) SALE
AND BE EXEMPT FROM THE PROVISIONS OF §§ 9, 10, AND 11 OF ARTICLE
31 OF THE ANNOTATED CODE OF MARYLAND 8-206 AND 8-208 OF THE STATE
FINANCE AND PROCUREMENT ARTICLE.

(4)  PENDING PREPARATION OF THE DEFINITIVE BONDS, THE
AUTHORITY MAY ISSUE INTERIM RECEIPTS OR CERTIFICATES WHICH SHALL
BE EXCHANGED FOR SUCH DEFINITIVE BONDS.