Ch. 601                                    1996 LAWS OF MARYLAND

(3)     BE PAYABLE AT A TIME OR TIMES, IN THE DENOMINATIONS AND
FORM, EITHER COUPON OR REGISTERED OR BOTH, REGISTRABLE AS TO PRINCIPAL
AND INTEREST ALONE OR AS TO 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;

(4)     NOTWITHSTANDING ANY OTHER LAW, BE DEEMED A "SECURITY"
WITHIN THE MEANING OF § 8-102 OF THE COMMERCIAL LAW ARTICLE, WHETHER OR
NOT IT IS EITHER ONE OF A CLASS OR A 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;

(5)     BE PAYABLE IN LAWFUL MONEY OF THE UNITED STATES AT A
DESIGNATED PLACE, INCLUDING ONE OR MORE BANKS OR TRUST COMPANIES;

(6)     BE SUBJECT TO THE TERMS OF PURCHASE, PAYMENT, REDEMPTION,
REFUNDING, OR REFINANCING THAT THE RESOLUTION OR TRUST AGREEMENT
PROVIDES;

(7)     BE EXECUTED BY THE MANUAL OR FACSIMILE SIGNATURES OF THE
OFFICERS OF THE AUTHORITY DESIGNATED BY THE AUTHORITY, WHICH
SIGNATURES SHALL BE VALID FOR ALL PURPOSES AT DELIVERY EVEN FOR AN
OFFICER WHO HAS CEASED TO HOLD OFFICE; AND

(8)     BE SOLD IN THE MANNER AND ON THE TERMS DETERMINED BY THE
AUTHORITY, INCLUDING PRIVATE (NEGOTIATED) SALE AND BE EXEMPT FROM §§
8-206, 8-208, AND 8-209 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.

13-1120. 13-1118.

(A) ANY RESOLUTION OR TRUST AGREEMENT THE AUTHORITY ADOPTS OR
ENTERS INTO UNDER § 13-1117 13-1115 OF THIS SUBTITLE MAY CONTAIN PROVISIONS
THAT:

(1)     PLEDGE, ASSIGN, OR DIRECT THE USE, INVESTMENT, OR
DISPOSITION OF ALL OR A PORTION OF THE RECEIPTS OF THE AUTHORITY OR ALL
OR A PORTION OF THE PROCEEDS OR BENEFITS OF ANY CONTRACT AND CONVEY
OR OTHERWISE SECURE ANY PROPERTY OR PROPERTY RIGHTS;

(2)     SET ASIDE LOAN FUNDING DEPOSITS, DEBT SERVICE RESERVES,
CAPITALIZED INTEREST ACCOUNTS, COST OF ISSUANCE ACCOUNTS, AND SINKING
FUNDS, AND REGULATE, INVEST, AND DISPOSE OF THESE DEPOSITS, RESERVES,
ACCOUNTS, AND FUNDS;

(3)     LIMIT THE PURPOSE TO WHICH OR THE INVESTMENTS IN WHICH
THE PROCEEDS OF SALE OF ANY ISSUE OF BONDS MAY BE APPLIED AND RESTRICT
THE INVESTMENT OF REVENUES OR BOND PROCEEDS AS DEEMED NECESSARY,
WHICH MAY INCLUDE LIMITING INVESTMENTS TO GOVERNMENT OBLIGATIONS FOR
WHICH PRINCIPAL AND INTEREST ARE UNCONDITIONALLY GUARANTEED BY THE
UNITED STATES;

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