Ch. 539                                         1993 LAWS OF MARYLAND

(5)      PROVISIONS ESTABLISHING AND CONTROLLING ALL ASPECTS OF
RESERVE FUNDS, INCLUDING DEBT SERVICE RESERVE FUNDS;

(6)      PROVISIONS FOR THE PAYMENT OF DEBT SERVICE ON BONDS AND
REFUNDING BONDS, INCLUDING REDEMPTION PREMIUMS AND INTEREST; OR

(7)      ANY OTHER PROVISIONS DEEMED REASONABLE AND PROPER FOR
THE SECURITY OF BONDHOLDERS.

(B) A TRUST AGREEMENT MAY PROVIDE THAT THE BONDS MAY BE SOLD
EITHER AT PUBLIC OR PRIVATE SALE AND THAT THE MATURITY OF THE BONDS
MAY NOT EXCEED 30 YEARS AFTER THEIR DATE OF ISSUE.

3-511.

THE DEPARTMENT MAY ISSUE BONDS UNDER THIS SUBTITLE:

(1)      WITHOUT OBTAINING THE CONSENT OF ANY INSTRUMENTALITY,
AGENCY, OR UNIT OF THIS STATE; AND

(2)      WITHOUT ANY PROCEEDINGS OR THE HAPPENING OF ANY
CONDITIONS OR THINGS OTHER THAN THOSE SPECIFICALLY REQUIRED BY THIS
SUBTITLE.

3-512.                                                   

(A)     THE BONDS SHALL BE PAYABLE SOLELY FROM THE REVENUES RECEIVED
.BY THE DEPARTMENT FROM THE PARTICIPATING COUNTIES FOR THAT PURPOSE.

(B)      THE REVENUES OF THE STATE AND THE DEPARTMENT ARE NOT
PLEDGED, AND MAY NOT BE USED, TO PAY THE PRINCIPAL OF OR INTEREST ON THE
BONDS.

(C)      THE TRANSPORTATION TRUST FUND ESTABLISHED BY § 3-216 OF THIS
TITLE IS NOT PLEDGED, AND MAY NOT BE USED, TO PAY THE PRINCIPAL OF OR
INTEREST ON THE BONDS.           

3-513.

(A)     BONDS ISSUED UNDER THIS SUBTITLE ARE NOT DEBT OF THE STATE OR
THE DEPARTMENT.                       

(B)      BONDS ISSUED UNDER THIS SUBTITLE ARE NOT AND MAY NOT BE

CONSIDERED TO CONSTITUTE A DEBT OR A PLEDGE OF THE FAITH AND CREDIT OF
THE STATE OF MARYLAND OR THE DEPARTMENT.

(C)      ALL BONDS ISSUED UNDER THIS SUBTITLE SHALL CONTAIN A STATEMENT
ON THEIR FACE TO THE EFFECT THAT:

(1) NEITHER THE STATE NOR THE DEPARTMENT IS OBLIGATED TO PAY
THE PRINCIPAL OF OR THE INTEREST ON THEM; AND

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