1112                                        LAWS OF MARYLAND                             [Ch.

EXISTING FACILITY OR PORTION THEREOF OR FOR THE BONDS
SO SECURED, PLUS AN ADDITIONAL AMOUNT OF CASH, WITHOUT
ADVERTISING SUCH BONDS FOR SALE.

13.14.    NEGOTIABILITY. —ALL BONDS ISSUED UNDER
THE PROVISIONS OF THIS COMPACT ARE NEGOTIABLE
INSTRUMENTS, EXCEPT WHEN REGISTERED IN THE NAME OF A
REGISTERED OWNER.

13.15.    LEGAL INVESTMENTS. —BONDS OF THE
COMMISSION SHALL BE LEGAL INVESTMENTS FOR SAVINGS
BANKS, FIDUCIARIES AND PUBLIC FUNDS IN EACH OF THE
SIGNATORY STATES.

13.16.     VALIDATION PROCEEDINGS. —PRIOR TO THE
ISSUANCE OF ANY BONDS, THE COMMISSION MAY INSTITUTE A
SPECIAL PROCEEDING TO DETERMINE THE LEGALITY OF
PROCEEDINGS TO ISSUE THE BONDS AND THEIR VALIDITY
UNDER THE LAWS OF ANY OF THE SIGNATORY PARTIES. SUCH
PROCEEDINGS SHALL BE INSTITUTED AND PROSECUTED IN REM,
AND THE JUDGMENT RENDERED THEREIN SHALL BE CONCLUSIVE
AGAINST ALL PERSONS WHOMSOEVER AND AGAINST EACH OF THE
SIGNATORY PARTIES.

13.17.    RECORDING. —NO INDENTURE NEED BE
RECORDED OR FILED IN ANY PUBLIC OFFICE, OTHER THAN THE
OFFICE OF THE COMMISSION. THE PLEDGE OF REVENUES
PROVIDED IN ANY INDENTURE SHALL TAKE EFFECT FORTHWITH
AS PROVIDED THEREIN AND IRRESPECTIVE OF THE DATE OF
RECEIPTS OF SUCH REVENUES BY THE COMMISSION OR THE
INDENTURE TRUSTEE. SUCH PLEDGE SHALL BE EFFECTIVE AS
PROVIDED IN THE INDENTURE WITHOUT PHYSICAL DELIVERY OF
THE REVENUES TO THE COMMISSION OR THE INDENTURE
TRUSTEE.

13.18.    PLEDGED REVENUES. —BOND REDEMPTION AND
INTEREST PAYMENTS, TO THE EXTENT PROVIDED IN THE
RESOLUTION OR INDENTURE, SHALL CONSTITUTE A FIRST,
DIRECT AND EXCLUSIVE CHARGE AND LIEN ON ALL SUCH
RATES, RENTS, TOLLS, FEES, AND CHARGES AND OTHER
REVENUES AND INTEREST THEREON RECEIVED FROM THE USE
AND OPERATION OF THE FACILITY, AND ON ANY SINKING OR
OTHER FUNDS CREATED THEREFROM. ALL SUCH SATES,
RENTS, TOLLS, FEES, CHARGES AND OTHER REVENUES,
TOGETHER WITH INTEREST THEREON, SHALL CONSTITUTE A
TRUST FUND FOR THE SECURITY AND PAYMENT OF SUCH BONDS,
AND EXCEPT AS AND TO THE EXTENT PROVIDED IN THE
INDENTURE WITH RESPECT TO THE PAYMENT THEREFROM OF
EXPENSES FOR OTHER PURPOSES INCLUDING ADMINISTRATION,
OPERATION, MAINTENANCE, IMPROVEMENTS, OR EXTENSIONS OF
THE FACILITIES OR OTHER PURPOSES SHALL NOT BE USED OR