Ch. 311

LAWS OF MARYLAND

prompt payment, as to principal, interest, and redemption
premium, if any, of the outstanding bonds to be refunded. The
interest, income and profits, if any, earned or realized on any
investment also may be applied to the payment of the outstanding
bonds to be refunded. After the terms of the escrow have been
fully satisfied and carried out, any balance of the proceeds and
the interest, income, and profits, if any, earned or realized on
the investment and reinvestment of the amounts held in escrow may
be returned to the Administration for use by it in any lawful
manner.

(d) The portion of the proceeds of any bonds issued for the
additional purpose of paying all or any part of the cost of all
or any portion of an energy project may be invested and
reinvested in obligations of or guaranteed by the United States
of America, or in certificates of deposit secured by obligations
of or guaranteed by the United States of America, maturing not
later than the time or times when the proceeds will be needed for
the purpose of paying all or any part of the cost. The interest,
income and profits, if any, earned or realized on the - investment
of that portion of the proceeds may be applied to the payment of
all or any part of the cost or may be used by the Administration
in any lawful manner.

[13-411.] 6-311.

Upon a determination of the Administration as approved by
the Secretary, the Administration also may:

(1)  Issue, prior to the preparation of definitive
bonds, interim receipts or temporary bonds, with or without
coupons, exchangeable for definitive bonds when the bonds have
been executed and are available for delivery;

(2)  Issue and sell its revenue bonds in the nature of
industrial development bonds, to provide financial assistance for
any purpose permitted under this subtitle. The principal of and
interest on such bonds may be made payable to the bearer or
registered holder thereof out of:

(i) The revenues received by the Administration
from the person or otherwise received in connection with the
project;

(ii) Any property pledged or mortgaged as
security for the bonds; or

(iii) Any other sources designated by the
Administration.

The Administration, in its determination, may make provision
for the issuance of. such bonds in series of bonds as funds are
required. The issuance of such bonds and the details of bonds,

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