WILLIAM DONALD SCHAEFER, Governor                            Ch. 544

(B)      THE AUTHORITY SHALL USE THE FUND AS A CONTINUING, NONLAPSING,
REVOLVING FUND FOR CARRYING OUT THE PURPOSES OF THIS SUBTITLE. NO PART
OF THE FUND MAY REVERT OR BE CREDITED TO THE GENERAL FUND OR TO ANY
OTHER SPECIAL FUND OF THE STATE.

(C)      THE AUTHORITY SHALL PLACE ALL OF THE FOLLOWING RECEIPTS IN THE

FUND:

(1)      PROCEEDS FROM THE SALE OF BONDS;

(2)       REVENUES THAT THE AUTHORITY COLLECTS OR RECEIVES FROM
ANY SOURCE UNDER THIS SUBTITLE; AND

(3)      ANY ADDITIONAL REVENUE, GIFT, DONATION, OR MONEYS
RECEIVED OR PAID TO IT FROM ANY OTHER SOURCE AUTHORIZED BY LAW.

(D)     THE AUTHORITY SHALL PAY ALL EXPENSES AND MAKE ALL
EXPENDITURES FROM THE FUND.

(E)      (1) THE AUTHORITY MAY PLEDGE AND CHARGE ALL OR A PORTION OF
THE RECEIPTS OF THE FUND FOR THE PAYMENT OF:

(I)       DEBT SERVICE ON BONDS OF THE AUTHORITY; AND

(II)     ALL REASONABLE CHARGES AND EXPENSES RELATED TO
BORROWING BY THE AUTHORITY: AND

(III) AND MANAGEMENT OF THE OBLIGATIONS OF THE
AUTHORITY.

(2) A PLEDGE MADE UNDER PARAGRAPH (1) OF THIS SUBSECTION IS
EFFECTIVE AS PROVIDED IN § 13-1022 OF THIS SUBTITLE AND ANY APPLICABLE
RESOLUTION OF THE AUTHORITY.

(F)      THE STATE TREASURER SHALL:

(1)      INVEST AND REINVEST THE FUND IN THE SAME MANNER AS STATE
FUNDS; AND

(2)      TRANSFER ANY INVESTMENT EARNINGS TO THE CREDIT OF THE

FUND.

PART III. BONDS

13-1018.

(A)     SUBJECT TO THIS PART AND THE APPROVAL OF THE BOARD OF PUBLIC
WORKS, THE AUTHORITY MAY AT ANY TIME AND FROM TIME TO TIME ISSUE BONDS
FOR ANY CORPORATE PURPOSE, INCLUDING THE ESTABLISHMENT OF RESERVES
AND THE PAYMENT OF INTEREST.

(B)     THE FACE AMOUNT AND MATURITY DATE OF THE BONDS THAT THE
AUTHORITY ISSUES SHALL BE DETERMINED BY THE GENERAL ASSEMBLY.

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