§ 10-324
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/md/economic-development/10-324A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§10–324.
(a)The Authority may secure bonds by a trust agreement.
(b)The corporate trustee under a trust agreement may be a trust company or a bank that has the powers of a trust company in or outside the State.
(c)In addition to the provisions described in § 10–323(h) of this subtitle, the trust agreement may contain:
(1)either:
(i)a provision conveying or mortgaging all or a portion of the project; or
(ii)a provision creating a collateral account;
(2)other provisions that the Authority considers reasonable and proper for the security of bondholders; and
(3)a provision that restricts the individual right of action by bondholders.
(d)An expense incurred in carrying out the trust agreement or a resolution may be treated as part of the cost of the operation of a project.