Ch. 311                                    LAWS OF MARYLAND

own operations or from any other source or sources, public or
private.

(b)  Except as otherwise provided in a determination made
pursuant to this section, any funds of the Administration not
needed currently to meet the expenses and obligations of the
Administration shall be deposited with the State Treasurer to the
credit of the Administration and invested by him in such manner
as is provided by statute and the interest earned thereon or any
gain realized therefrom shall be credited to the Administration.

(c)  The Administration may borrow money and issue bonds or
notes to provide funds for making, purchasing, or participating
in making mortgage or other loans; purchasing securities backed
by a mortgage or other loan or loans; purchasing local
obligations; meeting any development cost; or achieving any other
of its purposes. Every issuance of. bonds or notes shall be
pursuant to a determination 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 by any person designated by the Secretary [of
Economic and Community Development], and approved by the
Secretary [of Economic and Community Development]. The
determination is effective upon that approval, without any other
proceeding, action, or approval, and is conclusive of the matters
determined therein.

(d)  The Administration has absolute discretion to
determine, with respect to the bonds or notes of any issue: (1)
the date and amount of issue, including private sale; (2) the
date and amount of maturity, provided only that a bond may not
mature later than 50 years from the date of its issue, and a
note, including its renewals, may not mature later than [five] 5
years from the date of its original issue; (3) price to be paid
for the bonds or notes, whether above, at, or below par, and the
rate of interest payable on the bonds or notes and the dates of
such payment; (4) the form, denomination, manner of execution
(which may be by facsimile) and place of payment of the bonds or
notes and the interest thereon, which may be at any bank or trust
company within or without [Maryland] THE STATE; (5) whether the
bonds or notes or any part of them are redeemable before
maturity, and if so, the terms, conditions, and prices of the
redemption; and (6) any other matter relating to the form, terms,

conditions, security, issuance, sale, delivery, replacement and
indemnification in connection therewith, and payment of the bonds
or notes.

(e)  The bonds and notes are negotiable instruments under
[Maryland law] THE LAW OF THE STATE, notwithstanding any other

provisions of [the] THIS Code or any recitals in the bonds or
notes.

- 1722 -