MARVIN MANDEL, Governor

2635

DESIRING TO USE AIL OR ANY PART OF THE HOUSING UNIT OR
UNITS, AND TO FIX THE TERMS, CONDITIONS, FEES, RENTS AND
RATES OF CHARGES FOR USE.

THE FEES, RENTS, CHARGES AND REVENUES FROM THE
HOUSING UNIT OR UNITS IN CONNECTION WITH WHICH THE BONDS
OF ANY ISSUE HAVE BEEN ISSUED SHALL BE FIXED AND ADJUSTED
FROM TIME TO TIME TO PROVIDE A FUND SUFFICIENT TO PAY (I)
THE COST OF MAINTAINING, REPAIRING AND OPERATING THE
HOUSING UNIT OR UNITS AND (II) THE PRINCIPAL AND INTEREST
ON THE BONDS AS THEY BECOME DUE AND PAYABLE, AND TO
CREATE RESERVES FOR THOSE PURPOSES. FEES, RENTS AND
CHARGES MAY NOT BE SUBJECT TO SUPERVISION OR REGULATION
BY ANY OTHER COMMISSION, BOARD, BUREAU OR AGENCY OF THE
STATE. THE FEES, RENTS, CHARGES AND OTHER REVENUES
DERIVED FROM THE HOUSING UNIT OR UNITS IN CONNECTION WITH
WHICH THE BONDS OF ANY ISSUE HAVE BEEN ISSUED, EXCEPT THE
PART NECESSARY TO PAY THE COST OF MAINTAINING, EQUIPPING,
REPAIRING AND OPERATING THEM AND TO PROVIDE RESERVES
PROVIDED FOR IN THE RESOLUTION AUTHORIZING THE ISSUANCE
OF THE BONDS OR IN THE TRUST AGREEMENT SECURING THEM,
SHALL BE SET ASIDE AT REGULAR INTERVALS PROVIDED IN THE
RESOLUTION OR TRUST AGREEMENT IN A SINKING FUND WHICH IS
PLEDGED TO, AND CHARGED WITH, THE PAYMENT OF (1) THE
INTEREST UPON THE BONDS WHEN DUE, (2) THE PRINCIPAL OF
THE BONDS WHEN DUE, (3) THE NECESSARY CHARGES OF PAYING
AGENTS FOR PAYING PRINCIPAL AND INTEREST, AND (4) THE
REDEMPTION PRICE OR PURCHASE PRICE OF BONDS RETIRED BY
CALL OR PURCHASE AS PROVIDED IN THE RESOLUTION OR TRUST
AGREEMENT. THE PLEDGE IS VALID AND BINDING FROM THE TIME
WHEN MADE; FEES, RENTS, CHARGES AND OTHER REVENUES OR
OTHER MONEYS PLEDGED AND RECEIVED BY THE BOARD ARE
SUBJECT TO THE LIEN OF THE PLEDGE WITHOUT ANY PHYSICAL
DELIVERY OR FURTHER ACT, AND THE LIEN OF ANY PLEDGE IS
VALID AND BINDING AGAINST ALL PARTIES HAVING ANY CLAIMS
OF ANY KIND IN TORT, CONTRACT OR OTHERWISE AGAINST THE
BOARD, IRRESPECTIVE OF NOTICE. NEITHER THE RESOLUTION
NOR ANY TRUST AGREEMENT BY WHICH A PLEDGE IS CREATED NEED
BE FILED OR RECORDED EXCEPT IN THE RECORDS OF THE BOARD.
THE USE AND DISPOSITION OF MONEYS TO THE CREDIT OF THE
SINKING FUND IS SUBJECT TO THE PROVISIONS OF THE
RESOLUTION AUTHORIZING THE ISSUANCE OF THE BONDS OR OF
THE TRUST AGREEMENT.

NOTWITHSTANDING ANY PROVISION OF THIS SECTION, THE
BOARD MAY, BY RESOLUTION PASSED PRIOR TO THE ISSUANCE OF
REVENUE BONDS UNDER THE PROVISIONS OF THIS SUBTITLE OR IN
THE TRUST AGREEMENTS SECURING THE BONDS, COVENANT TO PAY
ALL OR ANY PART OF THE COST OF MAINTAINING, EQUIPPING,
REPAIRING AND OPERATING ANY HOUSING UNIT OR UNITS. THE
COVENANT HAS THE FORCE OF CONTRACT BETWEEN THE STATE OF
MARYLAND ACTING BY THE BOARD AND THE HOLDERS OF THE
REVENUE BONDS OR REVENUE REFUNDING BONDS ISSUED ON
ACCOUNT OF THE PROJECT OR PROJECTS.

79.