964                              Laws of Maryland                       Ch. 408

be fixed and adjusted in respect of the aggregate of rates, rents, fees
and charges from such project so as to provide funds sufficient with
other revenues or monies available therefor, if any, (1) to pay the
cost of maintaining, repairing and operating the project and each
and every portion thereof, to the extent that the payment of such
cost has not otherwise adequately been provided for, (2) to pay the
principal of and the interest on outstanding bonds of the Authority
issued in respect of such project as the same shall become due and
payable and (3) to create and maintain reserves required or provided
for in any resolution authorizing, or trust agreement securing such
bonds of the Authority. Such rates, rents, fees and charges shall not
be subject to supervision or regulation by any department, commis-
sion, board, body, bureau or agency of this State other than the
Authority. A sufficient amount of the revenues derived in respect of
a project, except such part of such revenues as may be necessary to
pay the cost of maintenance, repair and operation and to provide
reserves and for renewals, replacements, extensions, enlargements
and improvements as may be provided for in the resolution author-
izing the issuance of any bonds of the Authority or in the trust
agreement securing the same, shall be set aside at such regular inter-
vals as may be provided in such resolution or trust agreement in a
sinking or other similar fund which is hereby pledged to, and charged
with, the payment of the principal of and the interest on such bonds
as the same shall become due, and the redemption price or the pur-
chase price of bonds retired by call or purchase as therein provided.
Such pledge shall be valid and binding from the time when the pledge
is made; the rates, rents, fees and charges and other revenues or
other monies so pledged and thereafter received by the Authority
shall immediately be subject to the lien of such 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 Author-
ity, irrespective of whether such parties have notice thereof. Neither
the resolution nor any trust agreement nor any other agreement nor
any lease by which a pledge is created need be filed or recorded ex-
cept in the research of the Authority. The use and disposition of
monies to the credit of such sinking or other similar fund shall be
subject to the provisions of the resolution authorizing the issuance
of such bonds or of such trust agreement, such sinking or other
similar fund may be a fund for all such bonds issued to finance proj-
ects at a particular institution for higher education or a particular
hospital without distinction or priority of one over another; provided
the Authority in any such resolution or trust agreement may provide
that such sinking or other similar fund shall be the fund for a par-
ticular project at an institution for higher education or a hospital
and for the bonds issued to finance a particular project and may,
additionally, permit and provide for the issuance of bonds having a
subordinate lien in respect of the security herein authorized to other
bonds of the Authority and, in such case, the Authority may create
separate sinking or other similar funds in respect of such subordinate
lien bonds.

15. Use of Bond Proceeds and Revenues.

All monies received pursuant to the authority of this Act, whether
as proceeds from the sale of bonds or as revenues, shall be deemed to
be trust funds to be held and applied solely as provided in this Act.