1114

LAWS OF MARYLAND

[Ch. 164

REQUIRED BY THIS SECTION.

(J) THE SECRETARY OF ECONOMIC AND COMMUNITY
DEVELOPMENT AND ANY OTHER PERSON EXECUTING THE BONDS OR
NOTES IS NOT PERSONALLY LIABLE OR ACCOUNTABLE BY SEASON
OF THEIR ISSUANCE.

(K) THE ADMINISTRATION MAY PROVIDE, BY
DETERMINATION, FOR THE ISSUANCE OF NOTES TO RENEW ITS
NOTES, AND BONDS TO PAY ITS NOTES OR TO FUND OR REFUND
ITS BONDS, WHETHER OR NOT THE BONDS TO BE REFUNDED HAVE
MATURED, INCLUDING THE PAYMENT OF ANY REDEMPTION PREMIUM
AND ANY INTEREST ACCRUED OR TO ACCRUE ON THE NOTES OR
BONDS TO BE RENEWED, PAID, OR REFUNDED. THE ISSUANCE OF
RENEWAL NOTES OR REFUNDING BONDS AND ALL INCIDENTS
THEREOF ARE GOVERNED BY THE PROVISIONS OF THIS SECTION
INSOFAR AS APPLICABLE.

(L) BONDS OR NOTES ISSUED BY THE ADMINISTRATION
MAY BE SECURED BY A TRUST AGREEMENT BETWEEN THE
ADMINISTRATION AND A TRUSTEE, WHICH MAY BE ANY TRUST
COMPANY, OR BANK HAVING TRUST POWERS, WITHIN OR WITHOUT
MARYLAND. ANY TRUST AGREEMENT, OR ANY DETERMINATION
AUTHORIZING THE ISSUANCE OF BONDS OR NOTES, MAY CONTAIN:

(1)    SUBJECT TO THEN EXISTING AGREEMENTS WITH
BONDHOLDERS OR NOTEHOLDERS, PROVISIONS PLEDGING OR
ASSIGNING ALL OR ANY PART OF THE REVENUES OF THE
ADMINISTRATION, MORTGAGES OR LOANS MADE BY THE
ADMINISTRATION OR THE SECURITY THEREFOR, THE PROCEEDS OF
ANY BONDS OR NOTES OF THE ADMINISTRATION, OR ANY
COMBINATION OF THESE AND ANY OTHER ASSETS OF THE
ADMINISTRATION, TO SECURE PAYMENT OF BONDS OR NOTES;

(2)     PROVISIONS PROTECTING AND ENFORCING
RIGHTS AND REMEDIES OF BONDHOLDERS OR NOTEHOLDERS,
INCLUDING RESTRICTIONS ON THE RIGHTS OF HOLDERS, AND
COVENANTS SETTING FORTH DUTIES OF OR RESTRICTIONS ON THE
ADMINISTRATION;

(3) PROVISIONS APPOINTING ONE OR MORE TRUST
COMPANIES OR BANKS WITH TRUST POWERS TO ACT AS
DEPOSITARIES OF THE PROCEEDS OF ANY BONDS OR NOTES, OR OF
ANY REVENUES OR FUNDS OF THE ADMINISTRATION. ANY
DEPOSITARY BANK OR TRUST COMPANY INCORPORATED IN MARYLAND
MAY FURNISH INDEMNIFYING BONDS OR PLEDGE SECURITIES, AS
REQUIRED BY THE ADMINISTRATION;

(4) PROVISIONS AS TO CUSTODY, SAFEGUARDING,
APPLICATION, AND INVESTMENT OF FUNDS OF THE
ADMINISTRATION. THE MANNER OF AND RESTRICTIONS ON
INVESTMENT OF FUNDS SHALL BE AS THE ADMINISTRATION
PROVIDES, NOTWITHSTANDING ARTICLE 95, §§ 21, 21A, AND 22
OF THE CODE, WHICH DO NOT APPLY TO BANKS OR TRUST