PARRIS N. GLENDENING, Governor                              Ch. 601

(2) MAY SECURE THE BONDS BY A TRUST AGREEMENT BETWEEN THE
AUTHORITY AND A CORPORATE TRUSTEE OR TRUSTEES, WHICH MAY BE ANY
TRUST COMPANY OR BANK THAT HAS THE POWERS OF A TRUST COMPANY WITHIN
OR WITHOUT THE STATE

(C) THE AUTHORITY SHALL NOTIFY THE BOARD OF PUBLIC WORKS OF ITS
INTENTION TO ISSUE BONDS UP TO A STATED AMOUNT.

(D) EXCEPT AS OTHERWISE EXPRESSLY REQUIRED BY THIS SUBTITLE, THE
AUTHORITY MAY ISSUE THE BONDS OR NOTES WITHOUT:

(1) OBTAINING THE CONSENT OF ANY OTHER UNIT OF STATE
GOVERNMENT;

(2) ANY PROCEEDINGS; OR

(3) THE OCCURRENCE OF ANY CONDITIONS.

13-1118. 13-1116.

(A) THE BONDS OF ANY ISSUE SHALL BE PAYABLE SOLELY FROM THE
PROPERTY OR RECEIPTS OF THE AUTHORITY, INCLUDING WITHOUT LIMITATION:

(1)     FEES, CHARGES, OR OTHER REVENUES PAYABLE TO THE
AUTHORITY;

(2)     PAYMENTS BY FINANCIAL INSTITUTIONS, INSURANCE COMPANIES,
OR OTHERS PURSUANT TO LETTERS OR LINES OF CREDIT, POLICIES OF INSURANCE,
OR PURCHASE AGREEMENTS;

(3)     INVESTMENT EARNINGS FROM FUNDS OR ACCOUNTS MAINTAINED
PURSUANT TO UNDER A BOND RESOLUTION OR TRUST AGREEMENT;

(4)     PROCEEDS OF REFUNDING BONDS; AND

(5)     ANY OTHER SOURCE AUTHORIZED BY LAW.

(B) THE BONDS DO NOT CONSTITUTE A DEBT, LIABILITY, OR PLEDGE OF FULL
FAITH AND CREDIT OF THE STATE AND MAY NOT BE DEEMED TO CONSTITUTE A
DEBT, LIABILITY, OR PLEDGE OF THE FULL FAITH AND CREDIT OF THE STATE.

13-1119. 13-1117.

THE BONDS THAT THE AUTHORITY ISSUES SHALL:

(1)     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 THE MATURITY
DATE ESTABLISHED BY THE AUTHORITY;

(2)     BEAR INTEREST AT THE FIXED OR VARIABLE RATE OR RATES
DETERMINED BY THE METHOD PROVIDED IN THE RESOLUTION OR TRUST
AGREEMENT;

- 3487 -