Ch. 187                                   2004 LAWS OF MARYLAND

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;

(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 REGARDING;

(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) THE RIGHTS AND REMEDIES OF BONDHOLDERS AND
TRUSTEES, INCLUDING RESTRICTIONS ON 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.

(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 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) 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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