1138                             Laws of Maryland                      [Ch. 507

631-I. Trust Agreement.

Revenue bonds issued under the provisions of this subheading
shall be secured by a trust agreement by and between the Commis-
sion 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 Commission, but shall not convey or mortgage the
facilities or any part thereof. The trust agreement shall contain
such provisions for protecting and enforcing the rights and remedies
of the bondholders as may be reasonable and proper and not in viola-
tion of law, including convenants setting forth the duties of the
Commission in relation to the acquisition or construction of the
facilities and the extension, enlargement, improvement, maintenance,
operation, repair and insurance of the facilities and the custody,
safeguarding and application of all moneys, and may contain pro-
visions for the employment of consulting engineers in connection
with the construction and operation of the facilities. It shall be
lawful for any bank or trust company incorporated under the laws
of this State which may act as depository of the proceeds of the
bonds or of revenues to furnish the indemnifying bonds or to pledge
those securities as may be required by the Commission. The trust
agreement shall set forth the rights and remedies of the bond-
holders and of the trustee and may restrict the individual right of
action by bondholders. In addition to the foregoing, the trust agree-
ment may contain those other provisions as the Commission may
deem 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 item of current expenses.

631J. Revenues.

(a)    Rates and rentals. The Commission is hereby authorized to
fix, revise, charge and collect rentals_: rates, fees or other charges for
the use of water and to contract with any municipality or political
subdivision of this or any other State, and any person, partnership,
association or corporation desiring the use of water and to fix the
terms, conditions, rentals and rates of charges for that use. The
rentals and other rates, fees and charges, shall be so fixed and
adjusted as to provide funds sufficient with other revenues, if any,
(1) to pay the Commission's current expenses in connection with
the facilities, (2) to pay the principal of and the interest on all
revenue bonds issued under the provisions of this subheading as they
become due and payable, (3) to create reserves for those purposes.
Those 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 receipts. The Commission is further authorized
to pledge the amount of those rentals and other revenues, over and
above any amounts necessary to pay current expenses and to provide
the 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 the provisions of this law. The monies so
pledged shall be set aside at the regular intervals and in those
amounts as may be provided in the trust agreement in a sinking
fund for the payment of the interest, principal and the redemption