1284                             Laws of Maryland                       Ch. 529

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] airport facilities under the control of the Authority
to provide funds sufficient with other revenues, if any, (i) to pay
the Authority's current expenses if if and to the extent that the
monies available under the provisions of Section 9 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 re-
placements, the cost of acquiring or installing equipment and the
cost of enlarging, extending, reconstructing or improving any [proj-
ect] airport facility or [projects] airport facilities. 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 pro-
vide such reserves therefor as may be provided for in the trust
agreement, 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.

14.  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 shall be deemed to be trust funds,
to be held and applied solely as provided in this article. Any officer
to whom, or any bank or trust company to which the monies are
paid shall act as trustee of the monies and shall hold and apply
them for the purposes hereof, subject to such regulations as this
article and the trust agreement may provide.

15.  Remedies of bondholders and trustee.—Any holder of bonds
issued under this article or of any of the coupons appertaining
thereto, and the trustee, except to the extent the rights herein given
may be restricted by the trust agreement, may, either at law or in
equity, by suit, action, mandamus or other proceedings, protect and