Ch. 535

LAWS OF MARYLAND

(C)  NO PERSON EXECUTING THE BONDS OR APPROVING THE ISSUANCE
OF THE BONDS SHALL BE LIABLE PERSONALLY ON THE BONDS OR SUBJECT
TO ANY PERSONAL LIABILITY BY REASON OF THE ISSUANCE OF THE BONDS.

(D)  THE ADMINISTRATION MAY ENTER INTO AGREEMENTS WITH
AGENTS, BANKS, INSURERS, OR OTHERS FOR THE PURPOSE OF ENHANCING
THE MARKETABILITY OF OR AS SECURITY FOR THE BONDS.

9-1608.

(A)  IF ANY OFFICER WHOSE SIGNATURE OR A FACSIMILE OF WHOSE
SIGNATURE APPEARS ON ANY BONDS SHALL CEASE TO BE SUCH OFFICER
BEFORE THE DELIVERY OF THE BONDS, SUCH SIGNATURE OR SUCH
FACSIMILE SHALL NEVERTHELESS BE VALID AND SUFFICIENT FOR ALL
PURPOSES THE SAME AS IF HE OR SHE HAD REMAINED IN OFFICE UNTIL
SUCH DELIVERY.

(B)  NOTWITHSTANDING ANY OTHER PROVISIONS OF THIS SUBTITLE
OR ANY RECITALS IN ANY BONDS ISSUED HEREUNDER, ALL SUCH BONDS
SHALL BE DEEMED TO BE NEGOTIABLE INSTRUMENTS UNDER THE LAWS OF
THIS STATE.

(C)  THE BONDS SHALL BE EXEMPT FROM THE PROVISIONS OF §§ 10
AND 11 OF ARTICLE 31 OF THE ANNOTATED CODE OF MARYLAND AND §§
8-206 AND 8-208 OF THE STATE FINANCE AND PROCUREMENT ARTICLE, AND
THE ADMINISTRATION MAY SELL SUCH BONDS IN SUCH MANNER, EITHER AT
PUBLIC OR AT PRIVATE SALE, AND FOR SUCH PRICE AS IT MAY
DETERMINE.

9-1609.

(A)  THE ADMINISTRATION IS AUTHORIZED, SUBJECT TO THE PRIOR
APPROVAL OF THE BOARD AND THE SECRETARY, TO PROVIDE FOR THE
ISSUANCE OF ITS BONDS FOR THE PURPOSE OF REFUNDING ANY BONDS OF
THE ADMINISTRATION 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 SUCH BONDS. REFUNDING BONDS MAY BE ISSUED IN THE
DISCRETION OF THE DIRECTOR FOR ANY PUBLIC PURPOSE, INCLUDING,
WITHOUT LIMITATION, 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 ADMINISTRATION OF CONTRACTUAL AGREEMENTS WHICH IN
THE OPINION OF THE DIRECTOR HAVE BECOME UNREASONABLY ONEROUS OR
IMPRACTICABLE OR IMPOSSIBLE TO PERFORM. REFUNDING BONDS, IN ONE
OR MORE SERIES, MAY BE ISSUED IN AN AMOUNT IN EXCESS OF THAT OF
THE BONDS TO BE REFUNDED. WITHOUT LIMITING THE EXTENT OF ANY
SOURCES OF PAYMENT PROVIDED BY THE ADMINISTRATION, REFUNDING
BONDS MAY BE MADE PAYABLE FROM ESCROWED BOND PROCEEDS AND FROM
INTEREST, INCOME, AND PROFITS, IF ANY, ON INVESTMENTS.

(B)  THE PROCEEDS OF ANY BONDS ISSUED FOR THE PURPOSE OF
REFUNDING OUTSTANDING BONDS MAY, IN THE DISCRETION OF THE

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