ROBERT L. EHRLICH, JR., Governor                             Ch. 187

(2) RETAIN THE INTEREST REVENUE OR OTHER INVESTMENT INCOME
FROM THE BONDS OF ANY ISSUE FOR THE PURPOSES OF APPLYING THE REVENUE OR
INCOME TO THE COSTS OF ACQUIRING, CONSTRUCTING, RECONSTRUCTING,
RENOVATING, EQUIPPING, MAINTAINING, OR REPAIRING SCHOOL FACILITIES.

(M) (1) ANY BOND ISSUED UNDER THIS SUBTITLE SHALL STATE ON ITS FACE
THAT THE BOND DOES NOT CREATE OR CONSTITUTE ANY INDEBTEDNESS OR
OBLIGATION OF THE STATE, OF THE COUNTY EXECUTIVE AND COUNTY COUNCIL OF
PRINCE GEORGE'S COUNTY, OR OF ANY OTHER POLITICAL SUBDIVISION OF THE
STATE, EXCEPT THE PRINCE GEORGE'S COUNTY BOARD OF EDUCATION.

(2) THE BONDS DO NOT CONSTITUTE A DEBT OR OBLIGATION
CONTRACTED BY THE GENERAL ASSEMBLY OR PLEDGE THE FAITH AND CREDIT OF
THE STATE WITHIN THE MEANING OF ARTICLE III, § 34 OF THE MARYLAND
CONSTITUTION.

(N) THE BONDS OF ANY ISSUE SHALL BE PAYABLE FROM AND SECURED
SOLELY BY:

(1) ALL OR ANY PART OF THE FEES OR REVENUES GENERATED BY AN
ACTIVITY OF THE COUNTY BOARD TO THE EXTENT LAWFULLY AVAILABLE FOR SUCH
PURPOSE;

(2) THE PROCEEDS OF THE BONDS AND INVESTMENT EARNINGS
THEREON;

(3) ANY GRANT OR GIFT RECEIVED BY THE COUNTY BOARD TO THE
EXTENT LAWFULLY AVAILABLE FOR SUCH PURPOSE;

(4) RESERVES OR OTHER FUNDS ESTABLISHED FOR THE BONDS UNDER
THE RESOLUTION OR TRUST AGREEMENT;

(5) ANY MONEYS THAT MAY LAWFULLY BE APPLIED TO THE PAYMENT
OF THE BONDS, INCLUDING WITHOUT LIMITATION ANY APPROPRIATION BY THE
STATE OR PRINCE GEORGE'S COUNTY MADE LAWFULLY AVAILABLE FOR SUCH
PURPOSE; OR

(6) ANY SOURCE OF FUNDS TO WHICH THE COUNTY BOARD HAS ACCESS
TO THE EXTENT LAWFULLY AVAILABLE FOR SUCH PURPOSE.

(O) PRIOR TO AND DURING CONSTRUCTION AND FOR 1 YEAR AFTER
COMPLETION OF CONSTRUCTION OF ANY PUBLIC SCHOOL FACILITY FOR WHICH
BONDS HAVE BEEN ISSUED, THE INTEREST ON THE BONDS MAY BE PAID OUT OF THE
PROCEEDS OF THE BONDS OR OUT OF OTHER MONEYS ALLOCATED FOR THAT
PURPOSE.

(P) (1) THE COUNTY BOARD MAY PROVIDE, FROM TIME TO TIME, FOR THE
ISSUANCE AND SALE OF BOND ANTICIPATION NOTES IN ACCORDANCE WITH THE
PROCEDURES SET FORTH IN ARTICLE 31, § 12 OF THE CODE FOR THE ISSUANCE OF
BONDS.

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