PARRIS N. GLENDENING, Governor                             Ch. 603

(IV) UNLESS AUTHORIZED BY THE GENERAL ASSEMBLY, THE
BOARD OF PUBLIC WORKS MAY NOT GIVE APPROVAL TO AN ISSUANCE BY THE
AUTHORITY OF BONDS THAT CONSTITUTE TAX SUPPORTED DEBT OF THE STATE
FOR OCEAN CITY CONVENTION CENTER FACILITIES IF, AFTER ISSUANCE, THERE
WOULD BE OUTSTANDING AND UNPAID MORE THAN $23,020,000 $17,340,000 FACE
AMOUNT OF SUCH BONDS, WHETHER TAXABLE OR TAX EXEMPT, FOR THE PURPOSE
OF FINANCING ACQUISITION, CONSTRUCTION, RENOVATION, AND RELATED
EXPENSES FOR CONSTRUCTION MANAGEMENT, PROFESSIONAL FEES, AND
CONTINGENCIES OF OCEAN CITY CONVENTION CENTER FACILITIES.

(2)     The bonds of any issue shall be payable solely from the property or
receipts of the Authority, including, without limitation:

(i) Taxes, fees, charges, or other revenues payable to the Authority;

(ii) Payments by financial institutions, insurance companies, or others
pursuant to letters or lines of credit, policies of insurance, or purchase agreements;

(iii) Investment earnings from funds or accounts maintained pursuant
to a bond resolution or trust agreement;

(iv) Proceeds of refunding bonds; and

(v) Any other source authorized by law.

(3)     Bonds shall be authorized by a resolution of the Authority and may be
secured by a trust agreement by and 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. Bonds shall:

(i) 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 40 years from their respective dates of issue;

(ii) Bear interest at the fixed or variable rate or rates determined by
the method provided in the resolution or trust agreement;

(iii) Be payable at a time or times, in the denominations and form,
either coupon or registered or both, and carry the registration and privileges as to
conversion and for the replacement of mutilated, lost, or destroyed bonds . as the
resolution or trust agreement may provide;

(iv) Be deemed a "security" within the meaning of § 8-102 of the
Commercial Law Article of the Code, whether or not it is either one of a class or series or
by its terms is divisible into a class or series of instruments and negotiable for all purposes
although payable from a limited source, notwithstanding any other law;

(v) Be payable in lawful money of the United States at a designated
place;

(vi) Be subject to the terms of purchase, payment, redemption,
refunding, or refinancing that the resolution or trust agreement provides;

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