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MARVIN MANDEL, Governor 523
PUBLIC GENERAL OR PUBLIC LOCAL LAW 10 THE CONTRARY
NOTWITHSTANDING. THE USE AND DISPOSITION OF MONEY TO
THE CREDIT OF THE SINKING FUND ARE SUBJECT TO THE
PROVISIONS OF THE RESOLUTION AUTHORIZING THE ISSUANCE
OF THE BONDS OR OF THE TRUST AGREEMENT.
REVISOR'S NOTE: This subsection is new language
derived from Article 33B, section 17(b) of
the Code.
3-120. TRUST FUNDS.
ALL MONEY RECEIVED BY THE SERVICE AS PROCEEDS
FROM THE SALE OF BONDS OR NOTES AND ALL MONEY RECEIVED
OR BY WAY OF THOSE RENTALS, RATES, FEES, OR OTHER
CHARGES OR REVENUES, OF PORTION THEREOF, FROM ANY
PROJECT, OR ANY CONTINUATION OF PROJECTS AND WHICH ARE
DESIGNATED BY ANY AUTHORIZING RESOLUTION OR TRUST
AGREEMENT AS SECURITY FOR BONDS SHALL BE DEEMED TO BE
TRUST FUNDS TO BE HELD AND APPLIED SOLELY AS PROVIDED
BY THE PROVISIONS OF THIS SUBTITLE AND IN THE
RESOLUTION AUTHORIZING THE ISSUANCE OF BONDS OR NOTES
OR THE TRUST AGREEMENT SECURING THE BONDS.
REVISOR'S NOTE: This section is new language
derived from Article 33B, section 18 of the
Code.
3-121. REMEDIES OF BONDHOLDERS AND TRUSTEES.
ANY HOLDER OF BONDS OR NOTES ISSUED UNDER THIS
SUBTITLE OR OF ANY OF THE COUPONS THERETO
APPERTAINING, AND THE TRUSTEE, EXCEPT TO THE EXTENT
THE RIGHTS HEREIN GIVEN MAY BE RESTRICTED BY THE TRUST
AGREEMENT, EITHER AT LAW OR IN EQUITY, BY SUIT,
ACTION, MANDAMUS OR OTHER PROCEEDINGS, MAY PROTECT AND
ENFORCE ANY AND ALL RIGHTS UNDER THE LAWS OF THE STATE
OR GRANTED HEREUNDER, OR IN THE RESOLUTION AUTHORIZING
THE ISSUANCE OF THE BONDS OR NOTES, OR UNDER THE TRUST
AGREEMENT, AND MAY ENFORCE AND COMPEL THE PERFORMANCE
OF ALL DUTIES REQUIRED BY THIS SUBTITLE, OR IN THE
RESOLUTION AUTHORIZING THE ISSUANCE OF THE BONDS OR
NOTES, OR BY THE TRUST AGREEMENT, TO BE PERFORMED BY
THE SERVICE, OR BY ANY OFFICER THEREOF, INCLUDING THE
FIXING, CHARGING, AND COLLECTING OF RENTALS AND OTHER
RATES, FEES, AND CHARGES FOR THE USE OF THE PROJECTS.
REVISOR'S NOTE: This section is new language
derived from Article 33B, section 19 of the
Code.
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