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2000 LAWS OF MARYLAND
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Ch. 559
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(4) PROTECT AND ENFORCE THE RIGHTS AND REMEDIES OF THE
BONDHOLDERS THAT ARE REASONABLE AND PROPER AND NOT IN VIOLATION OF
THE LAW, INCLUDING COVENANTS THAT SHALL INCLUDE:
(I) THE DUTIES OF THE BOARD IN RELATION TO THE PROJECT;
(II) THE DUTIES OF THE BOARD IN RELATION TO ITS FUNDS;
(III) THE CUSTODY, SAFEGUARDING, AND APPLICATION OF ALL
MONEYS; AND
(IV) PROVISIONS FOR CONSULTATION WITH THE INTERAGENCY
COMMITTEE ON SCHOOL CONSTRUCTION IN CONNECTION WITH THE
CONSTRUCTION OR OPERATION OF PUBLIC SCHOOL FACILITIES FOR THE
BALTIMORE CITY PUBLIC SCHOOL SYSTEM; AND
(V) (IV) THE RIGHTS AND REMEDIES OF BONDHOLDERS AND
TRUSTEES, AND MAY RESTRICT THE INDIVIDUAL RIGHT OF ACTION BY
BONDHOLDERS; AND
(5) THE BOARD DEEMS REASONABLE AND PROPER FOR THE SECURITY
OF THE BONDHOLDERS, INCLUDING COVENANTS PERTAINING TO THE ISSUANCE OF
ADDITIONAL PARITY BONDS UPON STATED CONDITIONS.
(F) UNLESS OTHERWISE PROVIDED IN THE RESOLUTION OR TRUST
AGREEMENT, THE ADDITIONAL BONDS SHALL BE DEEMED TO BE ON A PARITY WITH
OTHER BONDS ISSUED BY THE BOARD.
(G) THE BONDS SHALL:
(1) BE DATED AND BEAR INTEREST AT THE FIXED OR VARIABLE RATE
OR RATES DETERMINED BY THE METHOD PROVIDED IN THE RESOLUTION OF THE
BOARD AUTHORIZING THE ISSUANCE OF THE BONDS;
(2) MATURE AT A TIME OR TIMES NOT EXCEEDING THE USEFUL LIFE OF
THE PROJECT PROJECTS FOR WHICH THE BONDS ARE ISSUED, BUT IN NO EVENT
SHALL THE MATURITY OF THE BONDS EXCEED 15 YEARS FROM THEIR DATE OR
DATES OF ISSUE, AS MAY BE DETERMINED BY THE BOARD;
(3) BE ISSUED AT, ABOVE, OR BELOW PAR VALUE, FOR CASH OR OTHER
VALUABLE CONSIDERATION;
(4) BE PAYABLE AT A TIME OR TIMES, IN THE DENOMINATIONS AND
FORM, EITHER COUPON OR REGISTERED OR BOTH, AND CARRY THE REGISTRATION
AND PRIVILEGES AS TO CONVERSION AND FOR THE REPLACEMENT OF MUTILATED,
LOST, OR DESTROYED BONDS AS THE RESOLUTION OF THE BOARD MAY PROVIDE;
(5) BEAR THE MANUAL OR FACSIMILE SIGNATURE OF THE CHIEF
EXECUTIVE OFFICER OR ONE OF THE OTHER MEMBERS OF THE BOARD IN CASE ANY
OFFICER WHOSE MANUAL OR FACSIMILE SIGNATURE APPEARS ON ANY BONDS OR
COUPONS CEASES TO BE AN OFFICER BEFORE THE DELIVERY OF THE BONDS, THE
SIGNATURE OR FACSIMILE OF THE FORMER OFFICER IS VALID AND SUFFICIENT FOR
ALL PURPOSES AS IF THE OFFICER HAD REMAINED IN OFFICE UNTIL DELIVERY;
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- 2970 -
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