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Session Laws, 1967
Volume 681, Page 228   View pdf image (33K)
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228                                LAWS OF MARYLAND                       [CH. 145

individual right of action of bondholders as is customary in trust
indentures securing bonds and debentures of corporations. Except as
in this subtitle otherwise provided, the Authority may provide by
resolution or by the trust indenture for the payment of the proceeds
of the sale of the bonds and the revenue of the Market to such officer,
board, or depositary as it determines for the custody thereof, and for
the method of disbursement thereof, with such safeguards and re-
strictions as it determines. All expenses incurred in carrying out
such trust indenture may be treated as a part of the cost of mainte-
nance, operation and repair of the Market.

(a)    The Authority may fix and revise from time to time, rates or
charges for the use of the facilities of the Market, including parking
and other ancillary facilities, and charge and collect the same, and
contract with any person, partnership, association, or corporation
desiring the use of any of the facilities of the Market or any part or
parts thereof, and fix the terms, conditions, and rates of charges for
such use.

(b)    The rates and charges shall be fixed and adjusted to provide
maximum revenues from the Market as determined by the Authority,
and the rates or charges shall not be subject to supervision or regu-
lation by any other commission, board, bureau, or agency of the
State or any political subdivision thereof, so long as the Authority is
in existence. The rates, charges, and all other revenues derived from
the Market, except the part or parts thereof required to pay the
current expenses of the Market and to provide reserves as provided
for in the resolution authorizing the issuance of the bonds or in the
trust indenture, shall be set aside at such regular intervals as pro-
vided in the resolution or trust indenture, in a sinking fund which is
hereby pledged to and charged with the payment of (1) the interest
upon the revenue bonds provided for in Section 11 as the interest
falls due, (2) the principal of the revenue bonds as it falls due, (3)
the necessary fiscal agency charges for paying principal and interest,
and (4) any premium upon the revenue bonds retired by call or pur-
chase as herein provided. The use and disposition of the sinking
fund shall be subject to such regulations as is provided in the resolu-
tion authorizing the issuance of
THE REVENUE bonds, or in the
trust indenture, but except as otherwise may be provided in the resolu-
tion or trust indenture, the sinking fund shall be a fund for the benefit
of all revenue bonds without distinction or priority of one over
another. Subject to the provisions of the resolution authorizing the
issuance of bonds or of the trust indenture, any monies in the sinking
fund in excess of an amount equal to one year's interest on all the
revenue bonds then outstanding may be applied to the purchase or
redemption of revenue bonds. All bonds so purchased or redeemed
forthwith shall be cancelled.

13.

Any holder of bonds issued under the provisions of this subtitle or
of any of the coupons attached thereto, and the Trustee under the
trust indenture, if any, except to the extent the right herein given
are restricted by resolution passed before the issuance of the bonds
or by the trust indenture, either at law or in equity, by suit, action
mandamus, or other proceedings, may protect and enforce any and

12.

 

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Session Laws, 1967
Volume 681, Page 228   View pdf image (33K)
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