PARRIS N. GLENDENING, Governor                             Ch. 131

(K) A resolution providing for the issuance of revenue bonds also may provide for the
issuance of additional bonds and may limit the amount by the resolution or trust indenture, for
the purpose of paying the cost of any extensions, additions, and improvements which thereafter
become necessary; the additional bonds may be sold from time to time in the manner
hereinabove provided and shall be deemed a part of the original issue authorized by the
resolution, and shall be issued under such restrictions and limitations as prescribed by the
resolution or trust indenture; but the additional bonds shall rank equally and on a parity with
the other bonds authorized thereby.

(L) The Board may provide by resolution for the issuance of revenue refunding bonds
for the purpose of refunding any bonds then outstanding and issued under the provisions of this
section. The issuance of such refunding bonds, the details thereof, the rights of the holders
thereof, and the duties of the Board in respect to them shall be governed by the provisions of
this section insofar as applicable. The refunding bonds shall mature at such time or times not
exceeding 20 years from the date or dates of their respective issues as determined by the Board.

(M) The Board may provide by resolution for the issuance of a single issue of revenue
bonds for the combined purposes of (1) paying the cost of the Project and (2) refunding bonds
theretofore issued for the Project and then outstanding and which shall then have matured or
be subject to redemption or can be acquired for retirement. The revenue refunding bonds 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.

(N) All moneys received from any revenue bonds issued and sold under the provisions
of this section shall be applied solely for the Project or applied to the Fund. There is created
and granted a lien upon such moneys until so applied in favor of the holders of the bonds or
paid to the trustee hereinafter provided for the bonds.

(O) In the discretion of the Board the revenue bonds may be secured by trust indenture
by and between the Board and a corporate trustee, which may be any trust company or bank
having the powers of a trust company within or outside of the State. Such trust indenture may
pledge or assign moneys in the Fund and all revenues to be received from the Project, but it
shall not convey or mortgage the Project or any part or parts thereof except with the express
consent of the Board. The trust indenture may provide that any money realized from the sale
or the disposition of any of the land, buildings, structures, facilities, equipment, and other
property of the Project may be used to pay the interest on and principal of the revenue bonds,
Either the resolution providing for the issuance of bonds or the trust indenture may contain
provisions for protecting and enforcing the rights and remedies of the bondholders as
reasonable and proper, not in violation of law, including covenants setting forth the duties of
the Board in relation to the construction, acquisition, improvement, installation, maintenance,
operation, repairs, and insurance of the Project and the custody, safeguarding, and application
of all moneys; and may provide that the Project be constructed and paid for under the
supervision and approval of consulting engineers employed or designated by the Board and
satisfactory to the original purchasers of the bonds issued hereunder, and may further provide
that the security given by contractors and by any depositary of the proceeds of the bonds or
revenues of the Project or other moneys pertaining thereto be satisfactory to the purchasers. It
shall be lawful for any bank or trust company incorporated under the laws of this State to act
as depositary of the proceeds of bonds or revenue and to furnish such indemnity bonds or to
pledge such securities as may be required by the Board.

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