SPIRO T. AGNEW, Governor                        1493

table, moral or otherwise, and the bonds shall so state on their face;
nor shall such bonds constitute a debt or obligation contracted by the
General Assembly or pledge the faith and credit of the State within
the meaning of Section 34 of Article III of the Constitution of the
State. Only fees, rents, charges and revenues received from the use
of the housing unit or housing units constructed from the proceeds
of the bonds issued under the provisions of Sections 248L-248U, in-
clusive, of this subtitle shall be used or appropriated for the payment
of the interest on or the principal of such bonds; provided, however,
that all or any part of the fees, rents, charges and revenues received
from the use of the related facilities in the housing unit or housing
units constructed from the proceeds of the bonds issued under the
provisions of Sections 248L-248U, inclusive, of this subtitle, may at
the option of said Board of Trustees be excluded from such use and
appropriation; and provided, further, that prior to and during con-
struction and for one year after completion of construction of any
housing unit or housing units for which bonds have been issued, the
interest on such bonds may be paid out of the proceeds of such bonds
and/or out of such other moneys as may be allocated for such pur-
pose.

248-O.

In the discretion of said Board of Trustees any bonds issued under
the provisions of Sections 248L-248U, inclusive, of this subtitle,
may be secured by a trust agreement by and between said Board of
Trustees and a corporate trustee, which may be any trust company
or bank having the powers of a trust company within or without the
State. Any such trust agreement may pledge or assign the income,
fees, rents, charges and other revenues to be received from the use
of the housing unit or housing units (including the related facilities)
in connection with which the bonds secured by such trust agreement
shall be issued, but shall not convey or mortgage any housing unit
or any part thereof. Any such trust agreement or any resolution
providing for the issuance of such bonds may contain such provisions
for protecting and enforcing the rights and remedies of the bond-
holders as may be reasonable and proper and not in violation of law,
including covenants setting forth the duties of said Board of Trustees
in relation to the acquisition of property and the construction, im-
provement, maintenance, repair, operation and insurance of the
housing unit or housing units in connection with which such bonds
shall have been authorized, and the custody, safeguarding and
application of all moneys, and provisions for the employment of
independent consultants in connection with the construction or opera-
tion of such housing unit or housing units. It shall be lawful for
any bank or trust company incorporated under the laws of the State
which may act as depository of the proceeds of bonds or revenues
to furnish such indemnifying bonds or to pledge such securities as
may be required by said Board of Trustees. Any such trust agree-
ment may set forth the rights and remedies of the bondholders and
of the trustee, and may restrict the individual right of action by
bondholders as is customary in trust agreements or trust indentures
securing bonds and debentures of corporations. In addition to the
foregoing, any such trust agreement may contain such other pro-
visions as said Board of Trustees may deem reasonable and proper
for the security of the bondholders, including covenants to abandon,
restrict or prohibit the construction or operation of competing