MARVIN MANDEL, Governor                          415

the Annotated Code of Maryland (1967 Replacement Volume). The
Authority may sell the bonds in such manner, either at public or at
private sale, for such price as it determines.

(d)    Interim receipts or temporary bonds, replacement of lost,
etc., bonds. Prior to the preparation of definitive bonds, the Author-
ity, under like restrictions, may issue interim receipts or temporary
bonds, with or without coupons, exchangeable for bonds when such
bonds shall have been executed and are available for delivery. The
Authority may also provide for the replacement of any bonds which
are mutilated, destroyed, or lost.

(e)    No other consent, proceedings, etc., required. Bonds may be
issued by the Authority under the provisions of this section or of
Section 22 of this Article without obtaining the consent of any
department, division, commission, board, bureau, or agency of the
State, and without any other proceedings or the happening of any
other conditions or things than those proceedings, conditions, or
things which are specifically required by this Article.

17.    Trust agreement securing bonds.

Revenue bonds issued under this Article shall be secured by a trust
agreement by and between the Authority and a corporate trustee,
which may be any trust company, or bank having the powers of a
trust company, within or without the State. The trust agreement
may pledge or assign the rentals and other revenues of the Authority
and, if the bonds are issued for the purpose of providing funds for
paying the cost of any transit facility, may convey or assign the
transit facility as security for the payment of the principal of and
the interest on the bonds. The trust agreement shall contain such
provisions for the protecting and enforcing the rights and remedies
of the bondholders as may be reasonable and proper and not in
violation of law, including covenants setting forth the duties of the
Authority in relation to the acquisition or construction of any proj-
ect and extension, enlargement, improvement, maintenance, opera-
tion, repair and insurance of the projects and the custody, safe-
guarding and application of all moneys and may contain provisions
for the employment of consulting engineers in connection with any
such construction and the operation of the projects. It is lawful for
any bank or trust company incorporated under the laws of this State
which may act as depositary of the proceeds of the bonds or of
revenues to furnish such indemnifying bonds or to pledge such
securities as is required by the Authority.

The trust agreement shall set forth the rights and remedies of the
bondholders and of the trustee and may restrict the individual right
of action by bondholders. In addition to the aforegoing, the trust
agreement may contain other provisions as the Authority deems
reasonable and proper for the security of the bondholders. All
expenses incurred in carrying out the provisions of the trust agree-
ment may be treated as an i