WILLIAM DONALD SCHAEFER, Governor                    Ch. 311

Commercial Code of this State. Provisions may be made for the
registration of bonds.

(g) The bonds shall be sold by the Corporation, at public
or private sale, in such manner and for such price as it may
determine to be for its best interests. None of the provisions
of §§ 8-206 and 8-208 of the State Finance and Procurement
Article have any application to the bonds hereby authorized and
the bonds are explicitly exempted from those provisions.

(h) (1) The Corporation may provide for the issuance of its
bonds for the purpose of refunding any of its bonds then
outstanding, including the payment of any redemption premium
thereon and any interest accrued or to accrue to the earliest or
any subsequent date of redemption, purchase, or maturity of its
bonds, and, if deemed advisable by the Corporation, for the
additional purpose of paying all or any part of the cost of a
project. Refunding bonds may be issued by the Corporation for
any corporate purpose, including the public purposes of realizing
savings in the effective costs of debt service, directly or
through a debt restructuring, or alleviating an impending or
actual default or relieving the Corporation of contractual
agreements which, in the opinion of the Corporation, have become
unreasonably onerous or impracticable or impossible to perform.
Refunding bonds in 1 or more series may be issued in an amount in
excess of that of the bonds to be refunded. Without limiting the
extent or nature of any sources of payment provided by the
Corporation, refunding bonds may be made payable from escrowed
bond proceeds and from interest, income, and profits,' if any, on
investments. Such sources may be so applied in addition to other
lawful uses and shall constitute revenues of a project under this
subtitle.

(2)  The proceeds of bonds issued for the purpose of
refunding outstanding bonds may, in the discretion of the
Corporation, be applied to the purchase or retirement at maturity
or redemption of such outstanding bonds either on their earliest
or any subsequent redemption date, and may, pending such
application, be placed in escrow to be applied to such purchase
or retirement at maturity or redemption on such date as may be
determined by the Corporation.

(3)  Any escrowed bond proceeds, pending such use, may
be invested and reinvested in obligations of or guaranteed by the
United States of America, or in certificates of deposit or time
deposits secured by obligations of or guaranteed by the United
States of America, maturing at such time or times as shall be
appropriate to assure the prompt payment, as to principal,
interest, and redemption premium, if any, of the outstanding
bonds to be so refunded. The interest, income, and profits, if
any, earned or realized on any such investment may also be
applied to the payment of the outstanding bonds to be so
refunded. After the terms of the escrow have been fully

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