PARRIS N. GLENDENING, Governor

Ch. 583

24-517.

(A)     THE BONDS OF ANY ISSUE SHALL BE PAYABLE SOLELY FROM THE
PROPERTY OR RECEIPTS OF THE COMMISSION, INCLUDING:

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

(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 A BOND RESOLUTION OR TRUST AGREEMENT;

(4)      PROCEEDS OF REFUNDING BONDS; AND

(5)      ANY OTHER SOURCE AUTHORIZED BY LAW.

(B)      (1) BONDS ISSUED UNDER THE PROVISIONS OF THIS TITLE ARE NOT A
DEBT OF, AND DO NOT PLEDGE THE FAITH, CREDIT, OR TAXING POWER OF THE
STATE.

(2)      THE BONDS SHALL CONTAIN ON THEIR FACE A STATEMENT THAT
THE BONDS ARE NOT A DEBT OF, AND DO NOT PLEDGE THE FAITH, CREDIT, OR
TAXING POWER OF THE STATE, THE COMMISSION, OR ANY POLITICAL SUBDIVISION,
BUT ARE PAYABLE SOLELY FROM THE REVENUES AND PROPERTY PROVIDED FOR
THEREIN.

(3)      SUBJECT TO THE APPROVAL OF THE BOARD OF PUBLIC WORKS, THE
COMMISSION MAY RECEIVE AND THE STATE MAY LEASE TO OR LEASE BACK TO THE
COMMISSION ANY PROPERTY WITHIN THE ENCLAVE OF HISTORIC ST. MARY'S CITY
AND ST. MARY'S COLLEGE HELD IN THE NAME OF THE STATE OR ANY OTHER
AGENCY OF THE STATE IN ORDER TO FACILITATE THE ISSUANCE OF REVENUE
BONDS BY THE COMMISSION UNDER THIS SUBTITLE.

24-518.

THE BONDS THAT THE COMMISSION 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 COMMISSION 30 YEARS FROM THEIR RESPECTIVE
DATES OF ISSUE;

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

(3)      BE PAYABLE AT A TIME OR TIMES, IN THE DENOMINATIONS AND
FORM, EITHER COUPON OR REGISTERED OR BOTH, AND CARRY THE REGISTRATION

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