2000

LAWS OF MARYLAND

Ch. 494

(C) (1) THE BONDS MAY BE ISSUED IN COUPON OR IN
REGISTERED FORM OR BOTH, AND PROVISIONS MAY BE MADE FOR THE
REGISTRATION OF ANY COUPON BONDS AS TO PRINCIPAL ALONE, OR
AS TO PRINCIPAL AND INTEREST, FOR THE RECONVERSION INTO
COUPON BONDS OF ANY BONDS REGISTERED AS TO BOTH PRINCIPAL
AND INTEREST, AND FOR THE INTERCHANGE OF COUPON AND
REGISTERED BONDS. PROVISION MAY ALSO BE MADE FOR THE
REPLACEMENT OF BONDS WHICH BECOME MUTILATED OR ARE STOLEN,
LOST OR DESTROYED. EACH BOND IS A "SECURITY" WITHIN THE
MEANING OF § 8-102 OF THE COMMERCIAL LAW ARTICLE OF THE
CODE, WHETHER OR NOT THE BOND IS EITHER ONE OR A CLASS OR
SERIES OR BY ITS TERMS IS DIVISIBLE INTO A CLASS OR SERIES
OF INSTRUMENTS.

(2)  BONDS SHALL BE EXECUTED IN THE MANNER
DETERMINED BY THE AUTHORITY. IF ANY OFFICER WHOSE SIGNATURE
OR COUNTERSIGNATURE APPEARS ON THE BONDS OR COUPONS CEASES
TO BE THAT OFFICER BEFORE DELIVERY OF THE BONDS, THAT
OFFICER'S SIGNATURE OR COUNTERSIGNATURE SHALL NEVERTHELESS
BE VALID AND SUFFICIENT FOR ALL PURPOSES THE SAME AS IF THAT
OFFICER HAD REMAINED IN OFFICE UNTIL DELIVERY. A SIGNATURE
MAY BE BY FACSIMILE UNDER § 14 OF ARTICLE 31 OF THE CODE.

(3)  BONDS SHALL MATURE NOT LATER THAN 40 YEARS
FROM THEIR DATE OF ISSUANCE.

(4)  BONDS SHALL BE SOLD IN THE MANNER, EITHER AT
PUBLIC OR PRIVATE (NEGOTIATED) SALE, AND UPON SUCH TERMS,
AT, ABOVE, OR BELOW PAR, AS THE AUTHORITY MAY DETERMINE.
ANY CONTRACT FOR THE ACQUISITION OF ANY INDUSTRIAL PROJECT
MAY PROVIDE THAT PAYMENT SHALL BE MADE IN BONDS. BONDS ARE
NOT SUBJECT TO THE LIMITATIONS OF §§ 9, 10, OR 11 OF ARTICLE
31 OF THE CODE.

(5)  BONDS AND THE INTEREST ON THEM ARE LIMITED
OBLIGATIONS OF THE AUTHORITY AUTHORITY; THE PRINCIPAL OF,
PREMIUM IF ANY, AND INTEREST ON WHICH ARE PAYABLE SOLELY
(EXCEPT FOR BOND ANTICIPATION NOTES) FROM REVENUES TO BE
RECEIVED FROM THE FINANCING OF THE ACQUISITION OF AN
INDUSTRIAL PROJECT AND FROM ANY OTHER FUNDS PROVIDED
THEREFOR. NEITHER THE BONDS NOR THE INTEREST THEREON SHALL
EVER CONSTITUTE AN INDEBTEDNESS OR A CHARGE AGAINST THE
GENERAL CREDIT OR TAXING POWERS OF THE STATE, ANY PUBLIC
BODY OR THE AUTHORITY, AND NEITHER SHALL EVER CONSTITUTE OR
GIVE RISE TO ANY PECUNIARY LIABILITY OF THE AUTHORITY. EACH
BOND, ON ITS FACE, SHALL PLAINLY STATE THAT IT HAS BEEN
ISSUED UNDER THE PROVISIONS OF THIS SUBTITLE AND THAT IT
DOES NOT CONSTITUTE AN INDEBTEDNESS TO WHICH THE FAITH AND
CREDIT OF THE STATE, THE AUTHORITY, OR ANY PUBLIC BODY IS
PLEDGED.

(6)  THE AUTHORITY SHALL HAVE THE SOLE DISCRETION
TO DETERMINE ANY OTHER MATTER RELATING TO THE FORM, TERMS,
CONDITIONS, PAYMENT, REPAYMENT, SECURITY, ISSUANCE, SALE,
DELIVERY, REPLACEMENT, OR INDEMNIFICATION CONCERNING THE
ISSUANCE OF BONDS.