WILLIAM DONALD SCHAEFER, Governor Ch. 815

board of directors, for either or both of the following combined
additional purposes: (1) paying all or any part of the cost of
constructing improvements or extensions to or enlargements of any
existing project or projects and (2) paying all or any part of
the cost of any additional project or projects. The issuance of
refunding bonds or renewal notes and the details thereof, the
rights of the holders thereof, and the rights, duties, and
obligations of the Service in respect thereto, are governed by
the provisions of this subtitle relating to bonds or notes,
insofar as these provisions may be applicable.

[3-117.] 3-116.

The Service, by resolution adopted by a majority of the
board of directors, may:

(1)  Issue, prior to the preparation of definitive
bonds, interim receipts or temporary bonds, with or without
coupons, exchangeable for definitive bonds when these bonds have
been executed and are available for delivery; [and]

(2)   Issue and sell its bond anticipation notes,
revenue anticipation notes, or grant anticipation notes the
principal of and interest on these notes to be made payable to
the bearer or registered holder out of the first proceeds of the
sale of any bonds, revenues or grants, as the case may be, issued
under this subtitle, or from any other available money of the
Service, but the authorizing resolution may make provision for
the issuance of bond anticipation notes in series as funds are
required and for the renewal of these notes at maturity, with or
without resale. The issuance of bond anticipation notes and the
details thereof, the rights of the holders, and the rights,
duties, and obligations of the Service in respect thereto, are
governed by the provisions of this title relating to bonds,
insofar as these provisions may be applicable. A grant
anticipation note may be issued or sold only after receipt of
written commitment of the federal or State government or agency
making the grant[.]; AND

(3)   ISSUE AND SELL ITS REVENUE BONDS OR NOTES IN THE
NATURE OF INDUSTRIAL DEVELOPMENT BONDS, WHETHER THE BONDS OR
NOTES BE POLLUTION CONTROL REVENUE BONDS, SOLID WASTE DISPOSAL
REVENUE BONDS, OR OTHER TYPES OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS, FOR THE PURPOSE OF BORROWING MONEY TO LEND TO ANY PERSON
OR MUNICIPALITY FOR THE ACCOMPLISHMENT BY SUCH PERSON OR
MUNICIPALITY OF A PROJECT OR PROJECTS. THE PRINCIPAL OF AND
INTEREST ON THE BONDS OR NOTES MAY BE MADE PAYABLE OUT OF:

(I) THE REVENUES RECEIVED BY THE SERVICE FROM
SUCH PERSON OR MUNICIPALITY OR OTHERWISE RECEIVED IN CONNECTION
WITH SUCH PROJECT;

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