Ch. 311              LAWS OF MARYLAND                                   

(b)  The bonds shall be dated, shall bear interest at a rate
or rates, and shall mature at such time or times not exceeding 40
years from the date or dates of their respective issues, as may
be determined by the Corporation, and may be sold at the price or
prices and under the terms and conditions fixed by the
Corporation before the issuance of the bonds. The principal of
and the interest on the bonds may be made payable in any lawful
medium.

(c)  The bonds shall not be deemed to constitute a debt,
liability, or a pledge of the full faith and credit of the State
of Maryland or of any political subdivision thereof other than
the Corporation, but such bonds shall be payable solely from; the
funds herein provided. All bonds of the Corporation shall
contain on their face a statement to the effect that neither the
State of Maryland nor any political subdivision thereof other
than the Corporation shall be obligated to pay the same or the
interest on them except from revenues pledged to them and that
neither the full faith and credit nor the taxing power of the
State or any political subdivision thereof is pledged to the
payment of the principal of or the interest on the bonds. The
issuance of bonds under this subtitle is not directly or
indirectly or contingently an obligation, moral or other, of the
State of Maryland or any political subdivision thereof to levy or
pledge any form of taxation whatever therefor or to make any
appropriation for their payment. Nothing in this section shall
prevent the Corporation from pledging its full faith and credit
to the payment of bonds authorized under this subtitle.
However, this section does not limit the ability of the State or
a subdivision to set, impose, or collect an assessment, rate,
fee, or charge to pay to the Corporation the cost of a project,
including the principal of and interest on a bond, under an
agreement between the Corporation and the State or political
subdivision.

(d)  The Corporation shall determine the form of the bonds,
the manner of executing the bonds, the denomination or
denominations of the bonds, and the place or places of payment of
principal and interest which may be a bank or trust company
within or outside of the State.

(e)  The bonds shall be executed in the manner determined by
the Corporation. If any officer whose signature or facsimile
thereof appears on any bond ceases to be such officer before the
delivery of the bonds, the signature or facsimile thereof shall
nevertheless be valid and sufficient for all purposes the same as
if the officer had remained in office until the delivery.

(f)  All bonds issued under the provisions of this section
have and are hereby declared to have, as between successive
holders, all the qualities and incidents of negotiable
instruments under the Negotiable Instruments Law of the Uniform

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