Ch. 246                                          LAWS OF MARYLAND

RELATING TO THE BONDS THAT HAS BEEN APPROVED BY THE CHAIRMAN OF
THE BOARD AND SUCH OTHER MEMBERS OF THE BOARD AS THE RESOLUTION
MAY PRESCRIBE.

(B)  THE BONDS OF EACH ISSUE SHALL BE DATED, SHALL BEAR
INTEREST AT SUCH RATE OR RATES, AND SHALL MATURE AT SUCH TIME OR
TIMES NOT EXCEEDING THE USEFUL LIFE OF THE PROJECT FOR WHICH THE
BONDS ARE ISSUED, BUT IN NO EVENT EXCEEDING 40 YEARS FROM THEIR
DATE OR DATES OF ISSUE, AS MAY BE DETERMINED BY THE SYSTEM. THE
BONDS OF EACH ISSUE MAY BE MADE REDEEMABLE BEFORE MATURITY AT
SUCH PRICE OR PRICES AND UNDER SUCH TERMS AND CONDITIONS AS MAY
BE FIXED BY THE SYSTEM PRIOR TO THE ISSUANCE OF THE BONDS. THE
SYSTEM SHALL DETERMINE THE FORM OF THE BONDS, INCLUDING ANY
INTEREST COUPONS TO BE ATTACHED THERETO, AND SHALL FIX THE
DENOMINATION OR DENOMINATIONS OF THE BONDS AND THE PLACE OR
PLACES OF PAYMENT OF PRINCIPAL AND INTEREST WHICH MAY BE AT ANY
BANK OR TRUST COMPANY WITHIN OR WITHOUT THE STATE.

(C) THE BONDS SHALL BEAR THE MANUAL OR FACSIMILE SIGNATURE
OF THE CHAIRMAN OR ONE OF THE OTHER MEMBERS OF THE BOARD. THE
OFFICIAL SEAL OF A SYSTEM OR A FACSIMILE THEREOF SHALL BE AFFIXED
TO THE BONDS, ATTESTED BY THE MANUAL OR FACSIMILE SIGNATURE OF
THE SECRETARY OR ANY ASSISTANT SECRETARY OF THE BOARD. IN CASE
ANY OFFICER WHOSE SIGNATURE OR FACSIMILE APPEARS ON ANY BONDS OR
COUPONS CEASES TO BE AN OFFICER BEFORE THE DELIVERY OF THE BONDS,
THE SIGNATURE OR FACSIMILE IS VALID AND SUFFICIENT FOR ALL
PURPOSES AS IF THE OFFICER HAD REMAINED IN OFFICE UNTIL DELIVERY.

(D) ALL BONDS ISSUED UNDER THE PROVISIONS OF THIS TITLE
SHALL HAVE ALL THE QUALITIES AND INCIDENTS OF NEGOTIABLE
INSTRUMENTS UNDER THE LAWS OF THE STATE RELATING TO NEGOTIABLE
INSTRUMENTS. THE BONDS MAY BE ISSUED IN COUPON OR REGISTERED
FORM OR BOTH. A SYSTEM MAY SELL BONDS AT A PUBLIC OR PRIVATE
(NEGOTIATED) SALE FOR ANY PRICE.

(E) (1) THE PROCEEDS OF THE BONDS OF EACH ISSUE SHALL BE
USED:

(I) FOR THE PAYMENT OF THE COSTS OF ANY PROJECT
FOR WHICH THE BONDS ARE ISSUED;

(II) TO REIMBURSE THE BOARD FOR ANY OBLIGATION
OR EXPENSE INCURRED FOR PREPARATION OF PLANS, SPECIFICATIONS, OR
OTHER ARCHITECTURAL OR ENGINEERING SERVICES IN CONNECTION WITH
ANY PROJECT, OR ANY OTHER COST OF THE PROJECT INCURRED BY THE
SYSTEM;

(III) FOR THE REFUNDING OF BONDS ISSUED UNDER
THIS TITLE; OR

(IV) ANY COMBINATION THEREOF.

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