Ch. 815

LAWS OF MARYLAND

[3-114.] 3-113.

(a)  If any officer whose signature or a facsimile of whose
signature appears on any bonds or coupons or notes ceases to be
the officer before the delivery of the bonds or notes, the
signature or facsimile is nevertheless valid and sufficient for
all purposes as if he had remained in office until delivery.

(b)  Notwithstanding any other provision of this title or
any recitals in any bonds and notes issued hereunder, all bonds
and notes shall be deemed to be negotiable instruments under the
laws of the State.

(c)  The bonds may be issued in coupon or in registered
form, or both, and provision may be made for the registration of
any coupon bonds as to principal alone and also as to both
principal and interest, for the reconversion into coupon bonds of
any bonds registered as to both principal and interest, and for
the interchange of coupon and registered bonds. Provision may
also be made for the replacement of bonds which become mutilated
or are lost or destroyed.

(d)  The bonds and notes are exempt from the provisions of
§§ 8-206[,] AND 8-208[, and 8-213 through 8-221] of the State
Finance and Procurement Article. The Service may sell its bonds
and notes in the manner, either at public or at private sale, and
for the price it determines.

(e)  The bonds and notes may be issued by the Service
without obtaining the consent of any unit of the State
government, and without any other proceedings or the happening of
any other conditions or things than those specifically required
hereunder.

[3-115.] 3-114.

Except as may otherwise be expressly provided by the
Service, every issue of its bonds or notes shall be general
obligations of the Service payable out of any revenues or other
money of the Service subject only to any agreements with the
holders of particular bonds or notes pledging any particular
receipts or revenues.

[3-116.] 3-115.

The Service may provide, by resolution adopted by a majority
of the board of directors, for the issuance of its renewal notes
or of refunding bonds for the purpose of refunding any bonds or
notes then outstanding which were issued under the provisions of
this subtitle, whether or not the bonds or notes to be refunded
have matured, including the payment of any redemption premium
thereon and any interest accrued or to accrue to the date of
redemption of the bonds or notes, and, if deemed advisable by the

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