WILLIAM DONALD SCHAEFER, Governor Ch. 815

therefrom at any time in an amount to reduce the amount of the
funds to less than the maximum amount of principal and interest
becoming due in any succeeding calendar year on the bonds of the
Service then outstanding and secured by that debt service reserve
fund, except for the purpose of paying principal of and interest
on the bonds of the Service secured by the debt service reserve
becoming due and for the payment of which other money of the
Service are not available. Any income or interest earned by, or
increment to any debt service fund due to the investment thereof,
with the approval of the General Assembly may be transferred by
the Service to any other fund or account of the Service, and the
Service may provide that the transfer may not reduce the amount
of the debt service reserve fund below the maximum amount of
principal and interest becoming due in any succeeding calendar
year on all bonds of the Service then outstanding and secured by
that debt service reserve fund.

(b)  The Service shall not issue bonds at any time if the
maximum amount of principal and interest becoming due in any
succeeding calendar year on the bonds outstanding and then to be
issued and secured by a debt service reserve fund will exceed the
amount of that debt service reserve fund at the time of issuance,
unless the Service, at the time of the issuance of those bonds,
deposits in the debt service reserve fund from the proceeds of
the bonds so to be issued, or otherwise, an amount which,
together with the amount then in the debt service reserve fund,
will be not less than the maximum amount of principal and
interest becoming due in any succeeding calendar year on the
bonds then to be issued and on all other bonds of the Service
then outstanding and secured by that debt service reserve fund.

(c)  To assure the continued operation and solvency of the
Service for carrying out the public purposes of this subtitle,
provision is made in subsection (a) of this section for the
accumulation in each debt service reserve fund of an amount equal
to the maximum amount of principal and interest maturing and
becoming due in any succeeding calendar year as determined by the
Service on all bonds of the Service then outstanding and secured
by the debt service reserve fund. In order to further assure the
maintenance of debt service reserve funds in the respective
amounts provided therefor by the Service in the issuance of its
bonds secured thereby, there may be appropriated annually and
paid to the Service for deposit in each debt service reserve fund
that amount, if any, which shall be certified by the Director of
the Service to the Governor as necessary to restore that debt
service reserve fund to an amount equal to the maximum amount
provided therefor by the Service. The director of the Service
annually, on or before the 10th day of February, shall make and
deliver to the Governor his certificate stating the amount, if
any, required to restore each debt service reserve fund to the
amount aforesaid and the amount or amounts so certified, if any,
may be appropriated and paid to the Service during the next
succeeding fiscal year.

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