§ 10-8 Revenue bonds.

The Authority shall have power and is hereby authorized at one time or from time to time to provide by resolution for the issuance of negotiable revenue bonds of the Authority for the purpose of paying all or a part of the cost of the Market. The resolution authorizing the issuance of revenue bonds under the provisions of this subheading shall state the purchase price of the existing market, and revenue bonds in an amount equal to such purchase price shall be included in the authorized issue of bonds hereunder.

The revenue bonds shall be dated, shall bear interest at such rate or rates not exceeding six per centum per annum, payable semi-annually, and shall mature at such time or times not exceeding forty years from their date or dates, as may be determined by the Authority, and may be made redeemable before maturity, at the option of the Authority, at such price or prices and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds. The principal of and the interest on such bonds may be made payable in any lawful medium and shall be payable solely from the special fund provided by this subheading for such payment. The Authority shall determine the form of the bonds, including any interest coupons to be attached thereto, the manner of executing the bonds, the denomination or denominations of the bonds, and the place or places of payment of principal and interest thereof, which may be a bank or trust company within or without the State. In case any officer whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All revenue bonds issued under the provisions of this subheading shall have and are hereby declared to have, as between successive holders, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the State. Provision may be made for the registration of any of the bonds in the name of the owner as to principal alone and also as to both principal and interest, and for the issuance of new coupon bonds in exchange for bonds registered as to both principal and interest. Such bonds shall be sold by the Authority in such manner and for such price as it may determine to be for its best interests, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six per centum per annum, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bond values; provided, however, that if the purchase price of the existing market shall be paid to the City in bonds of the Authority such bonds shall be registered in the name of the City as to both principal and interest and deposited with the City. None of the provisions of Sections 35 and 36 of Article 31 of the Code of Public General Laws of Maryland (1939 Edition) shall have any application to the bonds hereby authorized and such bonds are hereby explicitly exempted therefrom, but all such bonds shall be treated as negotiable instruments, as provided in Section 33 of said Article 31. If the proceeds of the revenue bonds, by error of calculation or otherwise, shall be less than the cost of the Market, additional bonds may be issued to provide the amount of such deficit, and unless otherwise provided by the authorizing resolution or in the trust indenture hereinafter mentioned, shall be deemed to be of the same issue and shall be entitled to payment from the same fund without preference or priority of the bonds first issued for such purposes. If the proceeds of such bonds shall exceed such costs, the surplus shall be paid into the sinking fund hereinafter provided for the payment of the principal of and interest on the bonds. Prior to the preparation of definitive bonds, the Authority may, under like restrictions, issue temporary bonds, with or without coupons, exchangeable for definitive bonds upon the issuance of the latter. The Authority may also provide for the replacement of any bond which shall become mutilated or be destroyed or lost. Such revenue bonds may be issued without an election or any other proceedings or the happening of any other conditions or things than those proceedings, conditions and things which are specified and required by this subheading.

The resolution providing for the issuance of revenue bonds may also provide for the issuance of additional revenue bonds, not exceeding an amount to be fixed in such resolution or trust indenture, for the purpose of paying the cost of any extensions, additions and improvements which may thereafter become necessary; such additional revenue bonds may be sold from time to time in the manner hereinabove provided, and shall be deemed a part of the original issue authorized by such resolution, and shall be issued under such restrictions and limitations as may be prescribed by such resolution or trust indenture; provided, however, that such additional bonds shall rank equally and on a parity with the other bonds authorized thereby.

The Authority is hereby authorized to provide by resolution for the issuance of its revenue refunding bonds for the purpose of refunding any revenue bonds then outstanding and issued under the provisions of this subheading. The issuance of such revenue refunding bonds, the maturities and other details thereof, the rights of the holders thereof, and the duties of the Authority in respect to the same, shall be governed by the provisions of this Act insofar as the same may be applicable.

The Authority is further authorized to provide by resolution for the issuance of a single issue of its revenue bonds for the combined purposes of