WILLIAM DONALD SCHAEFER, Governor                    Ch. 311

(a) (1) The Administration may issue bonds to obtain funds
to provide financial assistance for energy projects in accordance
with this subtitle. Every issuance of bonds shall be. pursuant to
a determination of the Administration that the issuance is
necessary to achieve one or more purposes of the Administration.
The determination shall be made by the director of the
Administration or any person designated by the Secretary and
approved by the Secretary. Except as otherwise may be expressly
provided by the Administration, every issue of its bonds shall be
general obligations of the Administration that are supported by
the full faith and credit of the Administration and that are
payable from and secured by a pledge of revenues of the
Administration available therefor and not otherwise pledged, but
the obligation to pay such bonds and the pledge of such revenues
shall be subject to any agreements with holders of particular
bonds which pledge particular revenues and to any other
agreements with other persons. The Administration may issue its
bonds without obtaining the consent of any board, agency,
department or unit of the State, and without any other proceeding
or the happening of any condition or things other than those
specifically required under this subtitle; provided, that prior
to the issuance of any bonds by the Administration, the
Administration shall notify the State Board of Public Works of
its intention to issue the bonds up to a stated amount and the
Board of Public Works may coordinate the issuance of the bonds
with any intended issuance of bonds of the State, its agencies,
and public instrumentalities.

(2)  The bonds issued under this subtitle do not
constitute a debt, liability or a pledge of the faith and credit
of the State of Maryland or of any political subdivision of the
State, other than of the Administration, but the bonds shall be
payable solely from the funds provided under this subtitle.

(3)  Such bonds shall contain on their face a
statement to the effect that neither the State of Maryland nor
any political subdivision of Maryland other than the
Administration, shall be obligated to pay the bonds or the
interest on the bonds except from revenues pledged to the payment
of such bonds and the interest thereon, and that neither the
faith and credit nor the taxing power of the State or any
political subdivision of the State is pledged to the payment of
the principal of or the interest on the bonds.

(4)  The issuance of bonds under the provisions of
this subtitle is not directly, indirectly, or contingently an
obligation, moral or otherwise, of this State or of any political
subdivision of this State to levy or pledge any form of taxation
whatever for the payment of the bonds or the interest thereon or
to make any appropriation for such payment.

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