S.B. 810                                                  VETOES

[6-309.] 6-409.

(a)     In case any officer or employee of the Administration whose signature or a
facsimile of whose signature appears on any bonds or coupons ceases to hold his or her
office or employment before the delivery of the bonds, the signature or facsimile shall
nevertheless be valid and sufficient for all purposes the same as if that officer or
employee had retained his or her office or employment until such deliver)'.

(b)     Notwithstanding any other provision of this subtitle or any recitals in the
bonds any bond issued under this subtitle shall be a negotiable instrument under the laws
of this State.

(c)     Bonds issued under this subtitle may be issued in coupon or in registered form
or both, and provision may be made for the registration of any coupon bonds as to
principal alone and also as to both principal and interest, and for the interchange of
coupon and registered bonds. Provision may also be made for the replacement of bonds
that become mutilated or are stolen, lost or destroyed.

(d)     Bonds issued under this subtitle shall be exempt from the provisions of §§ 10
and 11 of Article 31 of the Annotated Code, and the Administration may sell the bonds
in any manner, either at public or at private sale (negotiated sale), and for any price that
it may determine.

[6-310.] 6-410.

(a)     The Administration may provide for the issuance of its bonds for the purpose
of refunding any bonds of the Administration then outstanding, including the payment of
any redemption premium on the bonds and any interest accrued or to accrue to the
earliest or any subsequent date of redemption, purchase or maturity of the bonds, and, if
considered advisable by the Administration, for the additional purpose of paying all or
any part of the cost of all or any portion of an energy project. Refunding bonds may be
issued in the discretion of the Administration for any purpose authorized by this subtitle,
including the public purposes of realizing savings in the effective costs of debt service,
directly or through a debt restructuring, alleviating an impending or actual default, or
relieving the Administration of contractual agreements that, in the opinion of the
Administration, have become unreasonably onerous or impracticable or impossible to
perform. Refunding bonds may be issued in one or more series of bonds and in an
aggregate amount in excess of that of the bonds to be refunded. Without limiting the
extent or nature of any sources of payment provided by the Administration, refunding
bonds may be made payable from escrowed bond proceeds and from interest, income, and
profits, if any, on investments. These sources may be applied in addition to other lawful
uses and shall constitute revenues of an energy project under this subtitle.

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

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