520                                       LAWS OF MARYLAND                            [Ch. 4

AVAILABLE FOR DELIVERY; AND

REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 15(a) of
the Code.

(2) ISSUE AND SELL ITS BOND ANTICIPATION NOTES,
THE PRINCIPAL OF AND INTEREST ON THESE NOTES TO BE
MADE PAYABLE TO THE BEARER OR REGISTERED HOLDER OUT OF
THE FIRST PROCEEDS OF THE SALE OF ANY BONDS ISSUED
UNDER THIS SUBTITLE, OR FROM ANY OTHER AVAILABLE MONEY
OF THE SERVICE, BUT THE AUTHORIZING RESOLUTION MAY
MAKE PROVISION FOR THE ISSUANCE OF BOND ANTICIPATION
NOTES IN SERIES AS FUNDS ARE REQUIRED AND FOR THE
RENEWAL OF THESE NOTES AT MATURITY, WITH OR WITHOUT
RESALE. THE ISSUANCE OF BOND ANTICIPATION NOTES AND
THE DETAILS THEREOF, THE RIGHTS OF THE HOLDERS, AND
THE RIGHTS, DUTIES, AND OBLIGATIONS OF THE SERVICE IN
RESPECT THERETO, ARE GOVERNED BY THE PROVISIONS OF
THIS TITLE RELATING TO BONDS, INSOFAR AS THESE
PROVISIONS MAY BE APPLICABLE.

REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 15(b) of
the Code.

3-118. TRUST AGREEMENT SECURING BONDS.

(A) BONDS AUTHORIZED TO BE ISSUED UNDER THE
PROVISIONS OF THIS SUBTITLE BY RESOLUTION OF THE BOARD
OF DIRECTORS MAY BE SECURED BY A TRUST AGREEMENT BY
AND BETWEEN THE SERVICE AND A CORPORATE TRUSTEE, WHICH
MAY BE ANY TRUST COMPANY, OR BANK HAVING TRUST POWERS,
WITHIN OR WITHOUT THE STATE. THE TRUST AGREEMENT, OR
THE AUTHORIZING RESOLUTION, MAY PLEDGE OR ASSIGN ALL
OR ANY PART OF THE REVENUES OF THE SERVICE OR OF ANY
PROJECT OR OTHER AVAILABLE FUNDS OF THE SERVICE. ANY
TRUST AGREEMENT OR RESOLUTION AUTHORIZING THE ISSUANCE
OF BONDS MAY CONTAIN THE PROVISIONS FOR THE PROTECTION
AND ENFORCEMENT OF THE RIGHTS AND REMEDIES OF THE
BONDHOLDERS DEEMED REASONABLE AND PROPER, INCLUDING
COVENANTS SETTING FORTH THE DUTIES OF THE SERVICE IN
RELATION TO THE ACQUISITION OR CONSTRUCTION OF ANY
PROJECT, THE EXTENSION, ENLARGEMENT, IMPROVEMENT,
MAINTENANCE, OPERATION, REPAIR, AND INSURANCE OF ANY
PROJECT AND THE CUSTODY, SAFEGUARDING, AND APPLICATION
OF MONEY AND MAY CONTAIN PROVISIONS FOR THE EMPLOYMENT
OF CONSULTING ENGINEERS IN CONNECTION WITH THE
CONSTRUCTION OR OPERATION OF ANY PROJECT. IT IS
LAWFUL FOR ANY BANK OR TRUST COMPANY INCORPORATED
UNDER THE LAWS OF THE STATE WHICH MAY ACT AS A