WILLIAM DONALD SCHAEFER, Governor Ch. 492

CORPORATIONS. ALL EXPENSES INCURRED IN CARRYING OUT SUCH
TRUST INDENTURE MAY BE TREATED AS A PART OF THE COST OF
MAINTENANCE, OPERATION AND REPAIR OF ANY PROJECT OR
PROJECTS.

119-9. DEFAULT IN PAYMENTS; SUBSEQUENT ACTION.

IN THE EVENT THAT THE COUNTY SHALL DEFAULT IN THE
PAYMENT, WHEN DUE AT MATURITY OR UPON REDEMPTION, OF THE
PRINCIPAL OF AND INTEREST OR PREMIUM ON ANY REVENUE BONDS
OR OTHER OBLIGATIONS ISSUED BY IT FOR A PROJECT PURSUANT TO
§§ 119-1 AND 119-3 OF THIS CHAPTER OR SHALL FAIL TO PERFORM ANY
OF ITS COVENANTS MADE BY IT IN A RESOLUTION OR TRUST
INDENTURE AUTHORIZED BY § 119-4 OF THIS CHAPTER, THEN AND IN
EITHER EVENT:

A. ANY TRUSTEE, WHETHER APPOINTED BY THE COUNTY
PURSUANT TO § 119-3 OF THIS CHAPTER OR ACTING UNDER A DEED OF
TRUST OR OTHER AGREEMENT WITH BONDHOLDERS AND WHETHER OR
NOT ALL SUCH REVENUE BONDS HAVE BEEN DECLARED DUE AND
PAYABLE BY SAID TRUSTEE, SHALL BE ENTITLED AS OF RIGHT TO THE
APPOINTMENT BY THE CIRCUIT COURT FOR CHARLES COUNTY OF A
RECEIVER, WHO MAY, TO THE SAME EXTENT THAT THE COUNTY ITSELF
COULD SO DO, ENTER AND TAKE POSSESSION OF ANY PROJECT, THE
REVENUES, RENTALS OR RECEIPTS FROM WHICH ARE OR MAY BE
APPLICABLE TO THE PAYMENT OF THE BONDS SO IN DEFAULT, AND
OPERATE AND MAINTAIN SAID PROJECT AND COLLECT AND RECEIVE
ALL RENTALS AND OTHER REVENUES THEREAFTER ARISING
THEREFROM IN THE SAME MANNER AS THE COUNTY MIGHT DO AND
DEPOSIT ALL SUCH MONEYS IN A SEPARATE ACCOUNT AND APPLY THE
SAME IN SUCH MANNER AS THE COURT SHALL DIRECT. IN ANY SUCH
SUIT, ACTION OR PROCEEDING BY THE TRUSTEE, THE FEES, COUNSEL
FEES AND EXPENSES OF THE TRUSTEES AND OF THE RECEIVER, IF ANY,
AND ALL COSTS AND DISBURSEMENTS ALLOWED BY THE COURT SHALL
BE A FIRST CHARGE ON ANY REVENUES AND RECEIPTS DERIVED FROM
THE PROJECT, THE REVENUES OR RECEIPTS FROM WHICH ARE OR MAY
BE APPLICABLE TO THE PAYMENT OF THE BONDS SO IN DEFAULT.

B. ANY SUCH TRUSTEE SHALL, IN ADDITION TO THE FOREGOING,
HAVE AND POSSESS ALL OF THE POWERS NECESSARY OR APPROPRIATE
FOR THE EXERCISE OF ANY FUNCTIONS OF THE COUNTY SPECIFICALLY
SET FORTH IN § 119-1 OF THIS CHAPTER OR INCIDENT TO THE GENERAL
REPRESENTATION OF THE BONDHOLDERS IN THE ENFORCEMENT AND
PROTECTION OF THEIR RIGHTS.

C. ANY HOLDER OR GROUP OF HOLDERS OR TRUSTEE THEREFOR
OF REVENUE BONDS OR OTHER OBLIGATIONS OF THE COUNTY ISSUED
UNDER § 119-3 OF THIS CHAPTER SHALL HAVE THE RIGHT, SUBJECT TO
SUCH LIMITATIONS AS MAY BE IMPOSED THEREON BY ANY RESOLUTION

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