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Session Laws, 1955
Volume 620, Page 182   View pdf image (33K)
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182                               LAWS OF MARYLAND                        [CH. 127

SEC. 9. And be it further enacted, That

(Trust Indenture.) That in the discretion of the Authority, such
revenue bonds may be secured by a trust indenture by and between
the Authority and a corporate trustee, which may be any trust com-
pany or bank having the powers of a trust company within or outside
of the State. Such trust indenture may pledge or assign all revenues
to be received from the Civic Center but shall not convey or mortgage
the Civic Center or any part thereof. Either the resolution providing
for the issuance of revenue bonds or such trust indenture may contain
such provisions for protecting and enforcing the rights and remedies
of the bondholders as may be reasonable and proper, not in violation
of law, including covenants setting forth the duties of the Authority
in relation to the construction, acquisition, improvement, installation,
maintenance, operation, repair, and insurance of the Civic Center
and the custody, safeguarding and application of all moneys, and may
provide that the Civic Center shall be constructed and paid for under
the supervision and approval of consulting engineers employed or
designated by the Authority and satisfactory to the original pur-
chasers of the bonds issued hereunder, and may further provide
that the security given by contractors and by any depository of the
proceeds of the bonds or revenues of the Civic Center or other
moneys pertaining thereto, be satisfactory to such purchasers. It
shall be lawful for any bank or trust company incorporated under
the laws of this State to act as depository of the proceeds of the bonds
or revenues and to furnish such indemnity bonds or to pledge such
securities as may be required by the Authority. Such resolution or
such trust indenture may set forth the rights and remedies of the
bondholders and of the trustee, and may restrict the individual right
of action of bondholders as is customary in trust indentures securing
bonds and debentures of corporations. Except as in this Act other-
wise provided, the Authority may provide by resolution or by such
trust indenture for the payment of the proceeds of the sale of the
bonds and the revenues of the Civic Center to such officer, board or
depository as it may determine for the custody thereof, and for the
method of disbursement thereof, with such safeguards and restric-
tions as it may determine. All expenses incurred in carrying out such
trust indenture may be treated as a part of the cost of maintenance,
operation and repair of the Civic Center.

SEC. 10. And be it further enacted, That

(Revenues.) The Authority is hereby authorized to fix and revise
from time to time rates or charges for the use of the facilities of the
Civic Center, including parking facilities, and to charge and collect
the same, and to contract with any person, partnership, association
or corporation desiring the use of any of the facilities of the Civic
Center or any part thereof, and to fix the terms, conditions and rates
of charges for such use; or, in its discretion, the Authority may con-
tract with any person, partnership, association or corporation for
the management and operation of the Civic Center.

As far as practicable such rates or charges shall be so fixed and
adjusted and any such contract for management and operation shall
be so drawn as to provide a fund sufficient with other revenues of
the Civic Center, if any, to pay (a) the cost of maintaining, repair-
ing and operating the Civic Center unless such cost shall be other-
wise provided for, including reserves for such purposes and for re-

 

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Session Laws, 1955
Volume 620, Page 182   View pdf image (33K)
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