Ch. 583                                        1997 LAWS OF MARYLAND

PROCEEDINGS, OR THE OCCURRENCE OF ANY OTHER CONDITIONS, OTHER THAN

THOSE EXPRESSLY REQUIRED. BY THE TITLE ARE REQUIRED PRIOR TO THE
ISSUANCE OF THE BONDS.

(B) (1) THE COMMISSION MAY ISSUE BONDS ONLY IF IT DETERMINES THAT
THE ISSUANCE IS NECESSARY TO ACHIEVE THE PURPOSES OF THIS SUBTITLE

(2) THE DETERMINATION UNDER PARAGRAPH (1) OF THIS SUBSECTION
SHALL BE MADE BY THE CHAIRMAN OF THE COMMISSION.

(C) (1) THE COMMISSION SHALL SUBMIT EACH PROPOSED ISSUE OF BONDS
TO THE BOARD OF PUBLIC WORKS AND SHALL OBTAIN THE APPROVAL OF THE
BOARD OF PUBLIC WORKS FOR THE PROPOSED ISSUE PRIOR TO SALE ISSUANCE OF
THE BONDS.

(2)      IN SUBMITTING A PROPOSAL TO ISSUE BONDS TO THE BOARD OF
PUBLIC WORKS, THE COMMISSION SHALL IDENTIFY THE SOURCE OF REVENUE THAT
SUPPORTS THE DEBT SERVICE ON THE BONDS.

(3)      THE BOARD OF PUBLIC WORKS MAY NOT APPROVE THE ISSUANCE
OF BONDS BY THE COMMISSION THAT WILL RESULT IN MORE THAN $3,000,000 IN AN
AGGREGATE OUTSTANDING AND UNPAID PRINCIPAL BALANCE OF BONDS FOR THE
COMMISSION AT ANY TIME.

(D)     EXCEPT AS OTHERWISE EXPRESSLY REQUIRED BY THIS SUBTITLE, THE
COMMISSION 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.

(D) (E) (1) THE COMMISSION SHALL BY RESOLUTION AUTHORIZE ANY
BONDS THAT IT ISSUES.

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

(E)     (F) PROCEEDS OF BONDS AND THE INVESTMENT INCOME FROM SUCH
BONDS SHALL BE DEPOSITED BY THE COMMISSION IN ANY STATE OR NATIONAL
BANK OR FEDERALLY INSURED SAVINGS AND LOAN ASSOCIATION HAVING A TOTAL
PAID-IN CAPITAL OF AT LEAST $1,000,000. THE TRUST DEPARTMENT OF ANY STATE
OR NATIONAL BANK OR SAVINGS AND LOAN ASSOCIATION, OR TRUST COMPANY,
MAY BE DESIGNATED AS A DEPOSITORY TO RECEIVE ANY SECURITIES ACQUIRED
OR OWNED BY THE CORPORATION.

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