J. MILLARD TAWES, Governor                         511

the bonds of any issue have been issued shall be so fixed and adjusted
from time to time as to provide a fund sufficient to pay (i) the cost of
maintaining, repairing and operating such project and (ii) the princi-
pal of and the interest on such bond as the same shall become due and
payable, and to create reserves for such purposes. Such fees, rents
and charges shall not be subject to supervision or regulation by any
other commission, board, bureau or agency of the State. The fees,
rents, charges and other revenues derived from the project in con-
nection with which the bonds of any issue shall have been issued
(except such part thereof as may be necessary to pay the cost of
maintaining, equipping, repairing and operating the same and to
provide such reserves therefor as may be provided for in the reso-
lution authorizing the issuance of such bonds or in the trust agree-
ment securing the same) shall be set aside at such regular intervals
as may be provided in such resolution or such trust agreement in a
sinking fund which is hereby pledged to, and charged with, the pay-
ment of (1) the interest upon such bonds as such interest shall fall
due, (2) the principal of such bonds as the same shall fall due,
(3) the necessary charges of paying agents for paying principal and
interest, and (4) the redemption price or purchase price of bonds
retired by call or purchase as provided in said resolution or trust
agreement. Such pledge shall be valid and binding from the time
when the pledge is made; such fees, rents, charges and other revenues
or other moneys so pledged and thereafter received by the Board of
Trustees 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 any claims of any kind in tort, contract or otherwise against
the Board of Trustees, irrespective of whether such parties have
notice thereof. Neither the resolution nor any trust agreement by
which a pledge is created need be filed or recorded except in the
records of said Board of Trustees. The use and disposition of moneys
to the credit of such sinking fund shall be subject to the provisions of
the resolutions authorizing the issuance of such bonds or of such trust
agreement.

Notwithstanding any of the foregoing provisions of this section,
the Board of Trustees may, by resolution passed prior to the issuance
of revenue bonds under the provisions of Sections 166A-166K, in-
clusive, of this subtitle or in the trust agreements securing such
bonds, covenant to pay all or any part of the cost of maintaining,
equipping, repairing and operating the project and, inasmuch as the
project shall at all times belong to the State, such covenant shall
have the force of contract between the Board of Trustees and the
holders of the revenue bonds or revenue refunding bonds issued on
account of such project.

166F.

(a) All moneys received by said Board of Trustees as proceeds
from the sale of bonds authorized by the provisions of Sections
166A-166K, inclusive, and all moneys received by said Board of
Trustees by way of fees, rents, charges or other revenues from the
project constructed from the proceeds of said bonds, shall be
deemed to be trust funds to be held and applied solely as provided
by the provisions of Sections 166A-166K, inclusive, of this subtitle.