Ch. 120                                    1995 LAWS OF MARYLAND

(2)     The proceeds of bonds issued for the purpose of refunding outstanding
bonds may, in the discretion of the Corporation, be applied to the purchase or retirement
at maturity or redemption of such outstanding bonds either on their earliest or any
subsequent redemption date, and may, pending such application, be placed in escrow to
be applied to such purchase or retirement at maturity or redemption on such date as may
be determined by the Corporation.

(3)     Any escrowed bond proceeds, pending such use, may be invested and
reinvested in obligations of or guaranteed by the United States of America, or in
certificates of deposit or time deposits secured by obligations of or guaranteed by the
United States of America, maturing at such time or times as shall be appropriate to
assure the prompt payment, as to principal, interest, and redemption premium, if any, of
the outstanding bonds to be so refunded. The interest, income, and profits, if any, earned
or realized on any such investment may also be applied to the payment of the outstanding
bonds to be so refunded. After the terms of the escrow have been fully satisfied and
carried out, any balance of such proceeds and interest, income, and profits, if any, earned
or realized on the investments, thereof may be returned to the Corporation for use by it in
any lawful manner.

(4)     The portion of the proceeds of any of its bonds issued for the additional
purpose of paying all or any part of the cost of a project may be invested and reinvested
in obligations of or guaranteed by the United States of America, or in certificates of
deposit or time deposits secured by obligations of or guaranteed by the United States of
America, maturing not later than the time or times when such proceeds will be needed for.
the purpose of paying all or any part of such cost. The interest, income, and profits, if any,
earned or realized on such investment may be applied to the payment of all or any part of
such cost or may be used by the Corporation in any lawful manner.

(i) The Corporation may pledge or assign all or any portion of its revenues, its
rights to receive them, or moneys and securities in the funds and accounts established to
secure its bonds and any lien or security interest granted or assignment made by the
Corporation. Any pledge or assignment shall be valid and binding against any person
having a claim of any kind against the Corporation, in contract, tort, or otherwise.
irrespective of whether the person has notice and shall be prior to such claim, No
resolution, trust indenture, assignment, financing agreement, or other instrument creating
a lien on, security interest in, or assignment of any revenues, its rights to receive revenues
or moneys and securities in the funds and accounts pledged to bonds of the. Corporation
need be filed or recorded except in the records of the Corporation.

(j) The Corporation may lend or otherwise make available the proceeds of its
bonds to any person in order to finance or refinance the costs of any project, and may
enter into such financing agreements, mortgages, and other instruments as it may
determine to be necessary or desirable to evidence or secure such loan. If any project is
leased to any person, the lease may provide that upon the payment of the bonds that
financed or refinanced the cost of the project and interest-thereon (or provision for such
payment satisfactory to the Corporation), the lessee or another person may or shall
purchase or otherwise acquire the project for such consideration, which may be nominal,
as may be established by the Corporation.

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