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Session Laws, 1955
Volume 620, Page 168   View pdf image (33K)
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168                               LAWS OF MARYLAND                        [CH. 126

(a)  recital which may specify that the revenues received or to be
received from the project or projects the cost of which have or are
to be financed from the proceeds of any issue of revenue bonds, cer-
tificates or other evidence of indebtedness issued under this Act may
not be used to service any other revenue bonds authorized hereunder
issued to finance the cost of any other project or projects;

(b)  subject to the provisions of sub-paragraph (a) of this section
the pledging of the full faith and credit of the Authority (but not of
the State of Maryland or the County or any political sub-division
thereof) for such obligations;

(c)  the construction, improvement, operation, extension, enlarge-
ment, equipping, furnishing, maintenance and repair of any project
or projects and the duties of the Authority with reference thereto;

(d)  the terms and provisions of the bonds;

(e)  any limitations on the purposes to which the proceeds of the
bonds then or thereafter to be issued, or of any loan or grant by the
United States may be applied;

(f)  the rate of tolls, rentals, and other charges for the use of
the projects or the facilities of the Authority or for the services
rendered by the Authority, including limitations upon the power of
the Authority to modify any leases or other agreements pursuant to
which any tolls, rentals, or other charges are payable;

(g)  the setting aside of reserves or sinking funds and the regu-
lation and disposition thereof;

(h) the limitations on the issuance of additional bonds;

(i) the terms and provisions of any deed of trust or indenture
securing the bonds or under which the same may be used; and

(j) any other or additional agreements with holders of the bonds.

432. (Bondholders Lien.) All moneys received from any revenue
bonds issued and sold under the provisions of this Act shall be applied
solely for the purpose for which the bonds shall be authorized or to
the sinking fund created for the payment of such bonds, and are
hereby declared to be trust funds for such purposes or such sinking
fund, as the case may be, and there shall be and there hereby is
created and granted a lien upon such moneys until so applied in favor
of the holders of such bonds or the trustee hereinafter provided for
in respect of such bonds.

433. (Credit of County Not Pledged.) The revenue bonds, certifi-
cates or other evidences of indebtedness issued under the provisions
of this Act shall not be deemed to constitute a debt of the County
or a pledge of the faith and credit of the County or of the State of
Maryland, or any political sub-division thereof, but such revenue
bonds, certificates or other evidence of indebtedness shall be payable
solely from the funds of the Authority provided from revenues of
the project or projects of the Authority. All such revenue bonds
shall contain a statement on their face to the effect that the County
Commissioners of Baltimore County is not obligated to pay such
bonds or the interest thereon. The issuance of the revenue bonds,
certificates or other evidence of indebtedness under the provisions of


 

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Session Laws, 1955
Volume 620, Page 168   View pdf image (33K)
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