Ch. 599

1996 LAWS OF MARYLAND

relocation or removal, including the cost of installing such facilities in a new location or
new locations, and the cost of any lands, or any rights or interests in lands, and any other
rights, acquired to accomplish such relocation or removal, shall be ascertained and paid
by the Authority as a part of the cost of the project. In case of any such relocation or
removal of facilities, the public utility owning or operating the same, its successors or
assigns, may maintain and operate such facilities, with the necessary appurtenances, in
the new location or new locations, for as long a period, and upon the same terms and
conditions, as it had the right to maintain and operate such facilities in their former
location or locations.

Article VI

                                                Project Financing

The Authority is hereby authorized to provide by resolution, at one time or from
time to time, for the issuance of revenue bonds, notes, or other evidence of obligation of
the Authority to pay all or a part of the cost of all or a part of the project.

THE AUTHORITY IS HEREBY AUTHORIZED TO PROVIDE FOR THE ISSUANCE, AT
ONE TIME OR FROM TIME TO TIME, OF REVENUE BONDS OF THE AUTHORITY FOR
THE PURPOSE OF PAYING ALL OR ANY PART OF THE COST OF THE PROJECT OR OF
ANY PORTION OR PORTIONS OF THE PROJECT. THE PRINCIPAL OF AND THE
INTEREST ON THE BONDS SHALL BE PAYABLE SOLELY FROM THE FUNDS PROVIDED
IN THIS COMPACT FOR THE PAYMENT. ANY BONDS OF THE AUTHORITY ISSUED
PURSUANT TO THIS ARTICLE SHALL NOT CONSTITUTE A DEBT OF THE STATE OF
MARYLAND OR ANY POLITICAL SUBDIVISION OF THE STATE OTHER THAN THE
AUTHORITY, AND SHALL SO STATE ON THEIR FACE. NEITHER THE MEMBERS OF THE
AUTHORITY NOR ANY PERSON EXECUTING SUCH BONDS SHALL BE LIABLE
PERSONALLY THEREON BY REASON OF THE ISSUANCE THEREOF. THE BONDS OF
EACH ISSUE SHALL BE DATED, SHALL BEAR INTEREST AT A RATE OR RATES, AND
SHALL MATURE AT ANY TIME NOT EXCEEDING FORTY YEARS FROM THE DATE OF
THE BONDS, AS MAY BE DETERMINED BY THE AUTHORITY, AT ANY PRICE AND
UNDER ANY TERMS AND CONDITIONS AS MAY BE FIXED BY THE AUTHORITY PRIOR
TO THE ISSUANCE OF THE BONDS.

THE AUTHORITY SHALL DETERMINE THE FORM AND THE MANNER OF
EXECUTION OF THE BONDS AND SHALL FIX THE DENOMINATION OR
DENOMINATIONS OF THE BONDS AND THE PLACE OR PLACES OF PAYMENTS OF
PRINCIPAL AND INTEREST, WHICH MAY BE AT ANY BANK OR TRUST COMPANY
WITHIN OR WITHOUT THE STATE OF MARYLAND.

IN THE EVENT ANY OFFICER WHOSE SIGNATURE OR FACSIMILE OF WHOSE
SIGNATURE SHALL APPEAR ON ANY BONDS OR COUPONS SHALL CEASE TO BE THE
OFFICER UNTIL THE DELIVERY OF SUCH BONDS, THE SIGNATURE OR THE
FACSIMILE SHALL NEVERTHELESS BE VALID AND SUFFICIENT FOR ALL PURPOSES
AS IF THE OFFICER HAD REMAINED IN OFFICE UNTIL SUCH DELIVERY. THE BONDS
MAY BE ISSUED IN A FORM AS DETERMINED BY THE AUTHORITY. THE AUTHORITY

- 3452 -