Ch. 583

1997 LAWS OF MARYLAND

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;

(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 COMMISSION DESIGNATED BY THE COMMISSION, WHICH
SIGNATURES SHALL BE VALID 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
COMMISSION, INCLUDING PRIVATE OR NEGOTIATED SALE AND BE EXEMPT FROM §§
8-206, 8-208, AND 8-209, AND 8-213 THROUGH 8-221, AND 8-213 THROUGH 8-221 OF THE
STATE FINANCE AND PROCUREMENT ARTICLE.

24-519.

" (A) ANY RESOLUTION OR TRUST AGREEMENT THE COMMISSION ADOPTS OR
ENTERS INTO UNDER 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 COMMISSION 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, SINKING FUNDS,
AND OTHER FUNDS AND ACCOUNTS, 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;

(4)      LIMIT THE ISSUANCE OF ADDITIONAL BONDS AND SPECIFY THE
TERMS ON WHICH ADDITIONAL BONDS MAY BE ISSUED, SECURED, AND RANK ON
PARITY WITH, OR BE SUBORDINATE OR SUPERIOR TO, OTHER BONDS;

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