Ch. 544                                         1993 LAWS OF MARYLAND

(C) UNLESS AUTHORIZED BY THE GENERAL ASSEMBLY, THE BOARD OF
PUBLIC WORKS MAY NOT GIVE APPROVAL TO AN ISSUANCE OF BONDS IF AFTER
ISSUANCE THERE WOULD BE OUTSTANDING AND UNPAID A FACE AMOUNT OF
BONDS, WHETHER TAXABLE OR TAX EXEMPT, THAT EXCEEDS THE AMOUNT
DETERMINED BY THE GENERAL ASSEMBLY UNDER SUBSECTION (B) OF THIS
SECTION.

(D) (B) THE AUTHORITY:

(1) SHALL BY RESOLUTION AUTHORIZE ANY BONDS THAT IT ISSUES;
AND

(2) MAY SECURE THE BONDS BY A TRUST AGREEMENT BETWEEN THE
AUTHORITY AND A CORPORATE TRUSTEE OR TRUSTEES, WHICH MAY BE ANY
TRUST COMPANY OR BANK HAVING THE POWERS OF A TRUST COMPANY WITHIN OR
WITHOUT THE STATE.

(C) THE AUTHORITY SHALL NOTIFY THE BOARD OF PUBLIC WORKS OF ITS
INTENTION TO ISSUE BONDS UP TO A STATED AMOUNT.

13-1019.

THE BONDS OF ANY ISSUE SHALL BE PAYABLE SOLELY FROM THE PROPERTY
OR RECEIPTS OF THE AUTHORITY, INCLUDING, WITHOUT LIMITATION:

(1)      TAXES, FEES, CHARGES, OR OTHER REVENUES PAYABLE TO THE
AUTHORITY;

(2)      PAYMENTS BY FINANCIAL INSTITUTIONS, INSURANCE COMPANIES,
OR OTHERS PURSUANT TO LETTERS OR LINES OF CREDIT, POLICIES OF INSURANCE,
OR PURCHASE AGREEMENTS;

(3)       INVESTMENT EARNINGS FROM FUNDS OR ACCOUNTS MAINTAINED
PURSUANT TO A BOND RESOLUTION OR TRUST AGREEMENT;

(4) PROCEEDS OF REFUNDING BONDS; AND

(5) ANY OTHER SOURCE AUTHORIZED BY LAW.
13-1020.

THE BONDS THAT THE AUTHORITY ISSUES SHALL:

(1)       BE ISSUED AT, ABOVE, OR BELOW PAR VALUE, FOR CASH OR OTHER
VALUABLE CONSIDERATION, AND MATURE AT A TIME OR TIMES, WHETHER AS
SERIAL BONDS OR AS TERM BONDS OR BOTH, NOT EXCEEDING THE MATURITY
DATE ESTABLISHED BY THE GENERAL ASSEMBLY UNDER § 13-1018(B) OF THIS
SUBTITLE AUTHORITY;

(2)       BEAR INTEREST AT THE FIXED OR VARIABLE RATE OR RATES
DETERMINED BY THE METHOD PROVIDED IN THE RESOLUTION OR TRUST

AGREEMENT;

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