WILLIAM DONALD SCHAEFER, Governor                      Ch. 93

(I) BONDS PREVIOUSLY ISSUED BY A SYSTEM OR ANY
PREDECESSOR THAT ARE TO BE REFUNDED, FOR WHICH BUT ONLY:

1. TO THE EXTENT OF ANY OUTSTANDING
PRINCIPAL ON THE BONDS THAT ARE BEING REFUNDED; AND

2. IF AN ESCROW OR OTHER SIMILAR

ARRANGEMENT HAS BEEN MADE AND HELD BY THE STATE TREASURER, A
BANK, OR A TRUST COMPANY FOR THE PAYMENT OF SUCH BONDS, WHETHER
OR NOT REDEEMED; OR

(II) BONDS ISSUED PURSUANT TO SECTION 19-108 OF
THIS TITLE TO THE EXTENT THE PROCEEDS THEREOF WILL BE USED TO PAY
THE INTEREST OR PREMIUM ON BONDS THAT ARE TO BE REFUNDED;

(III) BONDS ISSUED PURSUANT TO SECTION 19-108
OF THIS TITLE TO PAY THE ADMINISTRATIVE EXPENSES OF ISSUING ANY

SUCH BONDS;

(IV) BONDS ISSUED PURSUANT TO § 19-108 OF THIS
TITLE TO REFUND BONDS NOT SUBJECT TO THE LIMITATIONS ON BONDS
OUTSTANDING PURSUANT TO § 19-102(B)(1) OF THIS TITLE; OR

(V) (II) BORROWINGS PURSUANT TO SECTION
12-105(C) OF THIS ARTICLE, EXCEPT TO THE EXTENT THAT SUCH
BORROWINGS ARE SUBJECT TO A FINANCING AGREEMENT THE TERM OF
WHICH IS FOR MORE THAN 5 YEARS FOR THE ACQUISITION OF THE
PERSONAL PROPERTY.

(C) (D) (1) A SYSTEM MAY NOT ISSUE BONDS FOR THE PURPOSE OF
FINANCING ALL OR ANY PART OF THE COSTS OF ANY ACADEMIC FACILITY
OR FACILITIES UNTIL THE GENERAL ASSEMBLY HAS APPROVED IN AN ACT
THE:

(I)  TYPE OF PROJECT OR PROJECTS FOR ANY

ACADEMIC FACILITY OR FACILITIES; AND

(II)  MAXIMUM PRINCIPAL AMOUNT OF BONDS A SYSTEM
MAY ISSUE IN CONNECTION WITH SUCH PROJECT OR PROJECTS FOR ANY
ACADEMIC FACILITY OR FACILITIES.

(2) THE GENERAL ASSEMBLY'S APPROVAL SHALL DESCRIBE
EXPRESSLY AUTHORIZE THE TYPE OF PROJECT OR PROJECTS FOR ANY
ACADEMIC FACILITY OR FACILITIES AND THE MAXIMUM PRINCIPAL AMOUNT
OF BONDS A SYSTEM MAY ISSUE IN CONNECTION WITH SUCH PROJECT OR
PROJECTS FOR THE ACADEMIC FACILITY OR FACILITIES.

(3) A SYSTEM MAY ISSUE BONDS FOR THE PURPOSE OF
REFINANCING ALL OR ANY PART OF THE COSTS OF ANY ACADEMIC FACILITY
OR FACILITIES WITHOUT THE APPROVAL OF THE GENERAL ASSEMBLY.

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