416                               LAWS OF MARYLAND                       [CH. 160

of any part of a project and its appurtenances for any proper purpose,
and fix the terms, conditions, rentals and rates of charges for such
use. Rentals and other rates, fees and charges shall be fixed and
adjusted in respect of the aggregate thereof from, the projects under
the control of the Authority 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
14 of this Article are insufficient for this purpose, (ii) to pay the
principal of and the interest on all revenue bonds issued under this
Article as they become due and payable (iii) to create reserves for
these purposes, and (iv) to provide funds for paying the cost of
renewals or replacements, the cost of acquiring or installing equip-
ment and the cost of enlarging, extending, reconstruction or improv-
ing any project or projects. The 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)    Pledge of revenues to payment of bonds. The Authority
may pledge such amount of the rentals and other revenues over and
above any amounts necessary to pay current expenses and to provide
such reserves therefor as may be provided for in the trust agree-
ment, to the payment of the interest on and the principal of the
revenue bonds issued under this Article. The monies so pledged shall
be set aside at such regular intervals and in such amounts as provided
in the trust agreement in a sinking fund for the payment of the
interest, principal and the redemption price or purchase price of
the bonds. The 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 sub-
ject to the lien of the 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, whether or not such
parties have notice thereof.

(c)    Recording pledge; disposition of sinking fund. 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 the sinking fund shall be
subject to the provisions of the trust agreement. Except as may
otherwise be provided in the trust agreement, the sinking fund shall
be a fund for all revenue bonds without distinction or priority of one
over another.

19.    Monies received deemed trust funds.

All monies received by the Authority pursuant to this Article as
proceeds from the sale of revenue bonds and as revenues