§ 1835-d. Loans to lenders bonds and notes. 1. The authority shall
have the power and is hereby authorized, for the purposes of this
subtitle, to issue at one time or in series from time to time loans to
lenders bonds and loans to lenders notes issued in anticipation of the
issuance of such loans to lenders bonds, including renewals thereof, in
an aggregate principal amount which shall not at any one time exceed
fifty million dollars, excluding loans to lenders bonds issued to refund
outstanding loans to lenders bonds.

2. Except as may otherwise be expressly provided by the authority, all
loans to lenders bonds and notes shall be limited obligations of the
authority and payable solely from the revenues derived by the authority
from loans to lenders.

3. Loans to lenders bonds and notes shall be authorized by resolution
of the authority and bear such date or dates, shall mature at such time
or times, shall bear interest at such rate or rates, shall be of such
denominations, shall be in such form, carry such registration
privileges, be executed in such manner, be payable in lawful money of
the United States of America and at such terms of redemption prior to
maturity as may be provided by such resolution or resolutions with
respect to such bonds or notes, as the case may be; provided, however
that the maximum maturity of such bonds shall not exceed thirty years
from the date thereof and the maximum maturity of such notes or any
renewals thereof shall not exceed seven years from the date of the
original issue of such notes.

4. The authority shall have power from time to time to renew loans to
lenders notes or to issue loans to lenders notes for such purpose, to
issue loans to lenders bonds to pay loans to lenders notes, and whenever
it deems refunding expedient, to refund any loans to lenders bonds by
the issuance of new loans to lenders bonds, whether the bonds to be
refunded have or have not matured, and may issue loans to lenders bonds
partly to refund loans to lenders bonds then outstanding and partly for
the purposes specified in this subtitle. Any loans to lenders bonds
issued for refunding purposes shall be sold and the proceeds applied to
the purchase, redemption or payment of the bonds to be refunded.

5. Loans to lenders bonds and notes of the authority may be sold by
the authority at public or private sale in such manner and on such terms
and at such price or prices as the authority shall determine but shall
not be sold by the authority at private sale unless such sale and the
terms thereof have been approved in writing by the comptroller where
such sale is not to the comptroller, or by the director of the budget
where such sale is to the comptroller.