Ch. 131                                    1995 LAWS OF MARYLAND

(C)    The bonds shall be dated, shall bear interest at such rate or rates and shall mature
at such time or times not exceeding 20 years from the date or dates of their respective issues as
may be determined by the Board and may be made redeemable before maturity, at the option
of the Board, at such price or prices and under such terms and conditions as may be fixed by
the Board prior to the issuance of the bonds. The principal of and the interest on such bonds
may be made payable in any lawful medium and shall be payable solely from the Fund.

(D)    Revenue bonds issued under the provisions of this section shall not be deemed to
constitute a debt of the State or of any political subdivision thereof or a pledge of the full faith
and credit of the State or of any such political subdivision, but the bonds shall be payable
solely from the Fund. All revenue bonds shall contain on the face thereof a statement to the
effect that neither the Board nor the State nor any political subdivision thereof is obligated to
pay the principal or the interest thereon except from the Fund.

(E)     The Board shall determine the form of the revenue bonds, including any interest
coupons to be attached thereto, the manner of executing the bonds, the denomination or
denominations of the bonds, and the place or places of payment of principal and interest
thereof, which may be a bank or trust company within or without the State.

(F)     The revenue bonds and any interest coupons to be attached thereto shall be
executed in such manner as may be determined by the Board. If any officer whose signature or
facsimile thereof appears on any bond or coupon ceases to be such officer before the delivery
of bonds, the signature or facsimile thereof shall nevertheless be valid and sufficient for all
purposes the same as if such officer had remained in office until the delivery.

(G) All revenue bonds issued under the provisions of this section shall have all the
qualities and incidents of negotiable instruments under the laws of this State relating to
negotiable instruments. Provisions may be made for the registration of any of the bonds in the
name of the owner as to principal alone and also as to both principal and interest, and for the
issuance of new coupon bonds in exchange for bonds registered as to both principal and
interest.

(H) Bonds may be issued under this section without obtaining the consent of any
department, commission, board, bureau, or agency of the State. The revenue bonds shall be
sold by the Board at public or private sale, in such manner and for such price as the Board
may determine. None of the provisions of §§ 8-206 and 8-208 of the State Finance and
Procurement Article have any application to the bonds hereby authorized and such bonds are
explicitly exempted therefrom.

(I) The proceeds of the bonds shall be used for the payment of the financing or
refinancing of the costs of the Project and shall be disbursed under the terms and conditions of
the resolution or trust agreement relating to such bonds.

(J) Prior to the preparation of definitive revenue bonds, the Board, under like
restrictions, may issue temporary revenue bonds with or without coupons, exchangeable for
definitive bonds upon the issuance of the latter. The Board also may provide for the
replacement of any bonds which become mutilated or are destroyed or lost. The bonds may be
issued without an election or any other proceedings or the happening of any conditions or
things other than those proceedings, conditions, and things specified and required by this
section.

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