26                                Laws of Maryland                          [Ch. 2

the bonds or of revenues to furnish such indemnifying bonds or to
pledge such securities as may be required by the Authority. Such
trust agreement shall set forth the rights and remedies of the bond-
holders and of the trustee and may restrict the individual right of
action by bondholders. In addition to the foregoing, such trust
agreement may contain such other provisions as the Authority may
deem reasonable and proper for the security of the bondholders.
All expenses incurred in carrying out the provisions of such trust
agreement may be treated as an item of Current Expenses.

13. (Revenues.) (a) The Authority is hereby authorized to fix, re-
vise, charge and collect rentals, rates, fees or other charges for the
use of each project, and to contract with any person, partnership,
association or corporation desiring the use of any part of a project
and its appurtenances for any proper purpose, and to fix the terms,
conditions, rentals and rates of charges for such use. Such rentals
and other rates, fees and charges shall be so fixed and adjusted in
respect of the aggregate thereof from the projects under the control
of the Authority as to provide funds sufficient with other revenues,
if any, (i) to pay the Authority's Current Expenses if and to the
extent that the monies available under the provisions of Section 9
of this Article shall be insufficient for such purpose, (ii) to pay
the principal of and the interest on all revenue bonds issued under
the provisions of this Article as the same become due and payable,
(iii) to create reserves for such purposes, and (iv) to provide funds
for paying the cost of renewals or replacements, the cost of acquir-
ing or installing equipment and the cost of enlarging, extending,
reconstructing or improving any project or projects. Such rentals
and other rates, fees and charges shall not be subject to supervision
or regulation by any department, division, commission, board, bureau
or agency of the State or any political subdivision thereof.

(b)  The Authority is further authorized to pledge such amount
of such rentals and other revenues, over and above any amounts
necessary to pay such Current Expenses and to provide such reserves
therefor as may be provided for in the trust agreement, to the pay-
ment of the interest on and the principal of the revenue bonds issued
under the provisions of this Article. The monies so pledged shall be
set aside at such regular intervals and in such amounts as may be
provided in the trust agreement in a sinking fund for the payment of
such interest, principal and the redemption price or purchase price
of such bonds. Such pledge shall be valid and binding from the
time when the pledge is made; the rentals or other revenues so
pledged and thereafter received by the Authority shall immediately
be subject to the lien of such pledge without any physical delivery
thereof or further act, and the lien of any such pledge shall be valid
and binding as against all parties having claims of any kind in tort,
contract or otherwise against the Authority, irrespective of whether
such parties have notice thereof.

(c)  Neither the resolution nor any trust agreement by which a
pledge is created need be filed or recorded except in the records of
the Authority. The use and disposition of monies to the credit of
such sinking fund shall be subject to the provisions of the trust agree-
ment. Except as may otherwise be provided in the trust agreement,
such sinking fund shall be a fund for all such revenue bonds without
distinction or priority of one over another.