PARRIS N. GLENDENING, Governor                             Ch. 244

V. THE TAXES OR ANY SPECIAL REVENUES FROM WHICH
THE PRINCIPAL OF AND INTEREST ON THE LOCAL OBLIGATIONS WILL BE PAYABLE;

C. SPECIFIC PROVISION FOR THE DISPOSITION OF THE
PROCEEDS OF SALE OF ANY LOCAL OBLIGATIONS AND A SPECIFIC PROVISION FOR
THE PAYMENT OF THE PRINCIPAL THEREOF AND THE INTEREST THEREON, WHICH
PROVISION SHALL SPECIFY THE SOURCE OR SOURCES OF PAYMENT AND SHALL
CONSTITUTE A COVENANT BINDING THE ISSUER TO PROVIDE THE FUNDS FROM THE
SPECIFIED SOURCE OR SOURCES AS AND WHEN PRINCIPAL AND INTEREST SHALL BE
DUE AND PAYABLE;

D. A PROVISION THAT THE PRINCIPAL OF AND INTEREST ON
THE LOCAL OBLIGATIONS SHALL BE PAYABLE TO THE ADMINISTRATION OR ITS
DESIGNEE;

E. A PROVISION THAT, IN THE EVENT ANY OFFICIAL WHOSE
SIGNATURE APPEARS ON ANY LOCAL OBLIGATIONS SHALL CEASE TO BE AN
OFFICIAL PRIOR TO THE DELIVERY OF THE LOCAL OBLIGATIONS, OR, IN THE EVENT
ANY OFFICIAL WHOSE SIGNATURE APPEARS ON ANY LOCAL OBLIGATIONS BECOMES
AN OFFICER AFTER THE DATE OF THE ISSUE, THE LOCAL OBLIGATIONS SHALL
NEVERTHELESS BE VALID AND BINDING OBLIGATIONS OF THE ISSUER IN
ACCORDANCE WITH THEIR TERMS; AND

F. ANY OTHER PROVISIONS, NOT INCONSISTENT WITH THIS
PARAGRAPH, AS THE GOVERNING BODY OF THE ISSUER MAY CONSIDER
APPROPRIATE, WHICH MAY PROVIDE:

I. THAT THE CHIEF ELECTED OFFICIAL OF THE ISSUER MAY
MAKE MODIFICATIONS IN THE FORMS ADOPTED BY THE RESOLUTION OR
ORDINANCE THAT DO NOT ALTER THE SUBSTANCE OF THE FORMS;

II. THAT THE OFFICIAL SIGNATURES AND SEALS TO BE
AFFIXED TO ANY LOCAL OBLIGATIONS SHALL BE IMPRINTED ON THE LOCAL
OBLIGATIONS IN FACSIMILE, EXCEPT FOR THE SIGNATURE OF THE CLERK OR
SECRETARY OF THE ISSUER WHICH SHALL BE AFFIXED MANUALLY;

III. THAT, SUBJECT TO TERMS SPECIFIED BY THE
ADMINISTRATION, ANY LOCAL OBLIGATIONS SHALL BE REDEEMABLE IN WHOLE OR
IN PART AT THE OPTION OF THE ISSUER AT ANY TIME PRIOR TO THEIR RESPECTIVE
MATURITIES AT THE PRICE OR PRICES, EITHER AT OR ABOVE THE PAR VALUE OF
THE LOCAL OBLIGATIONS, AS MAY BE ACCEPTABLE TO THE ADMINISTRATION AND
THE ISSUER PRESCRIBES IN THE ENABLING RESOLUTION OR ORDINANCE,
PROVIDED THAT ANY LOCAL OBLIGATIONS SHALL CONTAIN A STATEMENT OF
REDEMPTION PROVISIONS, ALL AS MAY BE ACCEPTABLE TO THE ADMINISTRATION;
AND

IV. THAT ANY ISSUE OF LOCAL OBLIGATIONS MAY BE IN
DENOMINATIONS AS MAY BE ACCEPTABLE TO THE ADMINISTRATION AND SHALL BE
IN FULLY REGISTERED FORM.

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