WILLIAM DONALD SCHAEFER, Governor Ch. 535

DIRECTOR, BE APPLIED TO THE PURCHASE OR RETIREMENT AT MATURITY OR
REDEMPTION OF SUCH OUTSTANDING BONDS EITHER ON THEIR EARLIEST OR
ANY SUBSEQUENT REDEMPTION DATE, AND MAY, PENDING SUCH
APPLICATION, BE PLACED IN ESCROW TO BE APPLIED TO SUCH PURCHASE
OR RETIREMENT AT MATURITY OR REDEMPTION ON SUCH DATE AS MAY BE
DETERMINED BY THE DIRECTOR.

(C) ANY SUCH ESCROWED PROCEEDS, PENDING SUCH USE, MAY BE
INVESTED AND REINVESTED IN OBLIGATIONS OF OR GUARANTEED BY THE
UNITED STATES OF AMERICA, OR IN CERTIFICATES OF DEPOSIT OR TIME
DEPOSITS SECURED BY OBLIGATIONS OF OR GUARANTEED BY THE UNITED
STATES OF AMERICA, MATURING AT SUCH TIME OR TIMES AS SHALL BE
APPROPRIATE TO ASSURE THE PROMPT PAYMENT, AS TO PRINCIPAL,
INTEREST, AND REDEMPTION PREMIUM, IF ANY, OF THE OUTSTANDING
BONDS TO BE SO REFUNDED. THE INTEREST, INCOME AND PROFITS, IF
ANY, EARNED OR REALIZED ON ANY SUCH INVESTMENT MAY ALSO BE
APPLIED TO THE PAYMENT OF THE OUTSTANDING BONDS TO BE SO
REFUNDED. AFTER THE TERMS OF THE ESCROW HAVE BEEN FULLY
SATISFIED AND CARRIED OUT, ANY BALANCE OF SUCH PROCEEDS AND
INTEREST, INCOME, AND PROFITS, IF ANY, EARNED OR REALIZED ON THE
INVESTMENTS THEREOF MAY BE RETURNED TO THE ADMINISTRATION FOR USE
BY IT IN ANY LAWFUL MANNER.

9-1610.

THE ADMINISTRATION IS FURTHER AUTHORIZED AND EMPOWERED,
SUBJECT TO THE PRIOR APPROVAL OF THE BOARD AND THE SECRETARY:

(1)  TO ISSUE, PRIOR TO THE PREPARATION OF DEFINITIVE
BONDS, INTERIM RECEIPTS OR TEMPORARY BONDS, EXCHANGEABLE FOR
DEFINITIVE BONDS WHEN SUCH BONDS HAVE BEEN EXECUTED AND ARE
AVAILABLE FOR DELIVERY; AND

(2)  TO ISSUE AND SELL ITS BOND ANTICIPATION NOTES,
THE PRINCIPAL OF AND INTEREST ON SUCH NOTES TO BE MADE PAYABLE TO
THE OWNER OR OWNERS THEREOF OUT OF THE FIRST PROCEEDS OF SALE OF
BONDS THEREIN DESIGNATED, AND TO ISSUE AND SELL ITS REVENUE
ANTICIPATION NOTES OR GRANT ANTICIPATION NOTES, THE PRINCIPAL OF
AND INTEREST ON SUCH NOTES TO BE MADE PAYABLE TO THE OWNER OR
OWNERS THEREOF OUT OF THE FIRST RECEIPTS OF THE REVENUES OR
GRANTS, AS THE CASE MAY BE, THEREIN DESIGNATED. THE AUTHORIZING
RESOLUTION MAY MAKE PROVISION FOR THE ISSUANCE OF SUCH NOTES IN
SERIES AS FUNDS ARE REQUIRED AND FOR THE RENEWAL OF SUCH NOTES AT
MATURITY WITH OR WITHOUT RESALE. THE ISSUANCE OF SUCH NOTES AND
THE DETAILS THEREOF, THE RIGHTS OF THE HOLDERS THEREOF, AND THE
RIGHTS, DUTIES, AND OBLIGATIONS OF THE ADMINISTRATION IN RESPECT
THERETO, SHALL BE GOVERNED BY THE PROVISIONS OF THIS SUBTITLE
RELATING TO BONDS, INSOFAR AS THE SAME MAY BE APPLICABLE.

9-1611.

(A) BONDS MAY BE SECURED BY A TRUST AGREEMENT BY AND
BETWEEN THE ADMINISTRATION AND A CORPORATE TRUSTEE, WHICH MAY BE

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