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PARRIS N. GLENDENING, Governor
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Ch. 59
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(B) THE AGGREGATE PRINCIPAL AMOUNT OF BONDS OUTSTANDING, LESS INCLUDING THE AMOUNT OF ANY RESERVE FUND REQUIREMENT ESTABLISHED FOR
THE BONDS, MAY NOT EXCEED, AS OF THE DATE THAT THE BONDS ARE ISSUED,
$25,000,000.
(C) BONDS SHALL BE AUTHORIZED BY A RESOLUTION OF THE BOARD AND
MAY BE SECURED BY A TRUST AGREEMENT BY AND BETWEEN THE BOARD AND A
CORPORATE TRUSTEE OR TRUSTEES WHICH MAY BE ANY TRUST COMPANY OR BANK
HAVING THE POWERS OF A TRUST COMPANY WITHIN OR OUTSIDE OF THE STATE.
(D) BEFORE THE BOARD MAY ISSUE A BOND UNDER THIS SECTION, THE
MAYOR AND CITY COUNCIL OF BALTIMORE SHALL PASS A RESOLUTION APPROVING
THE BOARD'S ISSUANCE OF THE BOND AND SHALL FORWARD THAT RESOLUTION TO
THE BOARD.
(D) (1) (E) THE RESOLUTION OF THE BOARD AUTHORIZING THE BONDS:
(I) (1) SHALL DESCRIBE THE PROJECT WHICH IS PROJECTS
WHICH ARE TO BE FINANCED OR REFINANCED BY THE BOND;
(II) (2) SHALL STATE THE MAXIMUM PRINCIPAL AMOUNT OF THE
BOND;
(III) (3) SHALL DESCRIBE THE SOURCES OF PAYMENT OF THE
BONDS;
(4) SHALL PROVIDE THAT THE PROCEEDS OF THE BONDS SHALL BE
INVESTED IN ACCORDANCE WITH ANY INVESTMENT POLICY APPROVED BY THE
BOARD; AND
(IV) (5) MAY PROVIDE THAT THE BONDS ARE REDEEMABLE
BEFORE MATURITY AT A PRICE OR PRICES AND UNDER TERMS AND CONDITIONS OR
IN ACCORDANCE WITH A METHOD DETERMINED BY THE BOARD; AND.
(2) THE BOARD SHALL MAINTAIN SEPARATE ACCOUNTS TO IDENTIFY
THE SOURCES OF PAYMENT OF THE BONDS FOR THE ACQUISITION, DEVELOPMENT,
OR IMPROVEMENT OF PUBLIC SCHOOL FACILITIES.
(E) (F) THE RESOLUTION OF THE BOARD OR THE TRUST AGREEMENT
RELATING TO THE BONDS MAY CONTAIN PROVISIONS THAT:
(1) LIMIT THE PURPOSE TO WHICH THE PROCEEDS OF ANY ISSUE OF
BONDS MAY BE APPLIED AND RESTRICT THE INVESTMENT OF REVENUES OR BOND
PROCEEDS IN GOVERNMENT OBLIGATIONS FOR WHICH PRINCIPAL AND INTEREST
ARE UNCONDITIONALLY GUARANTEED BY THE UNITED STATES OF AMERICA;
(2) PROVIDE FOR THE ISSUANCE OF ADDITIONAL BONDS TO FINANCE
OR REFINANCE ANY PROJECTS, WHICH MAY NOT EXCEED THE TOTAL VALUE OF THE
OUTSTANDING BONDS ALLOWED UNDER SUBSECTION (B) OF THIS SECTION:
(3) ASSIGN ALL OR ANY PART OF THE BOARD'S FUNDS OR ASSETS; AND
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- 2969 -
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