MARVIN MANDEL, Governor

2657

TRUST AGREEMENT MAY BE TREATED AS A PART OF THE COST OF
THE OPERATION Of THE AUTHORITY.

[[(K)]] [[(J)]] (K) THE PROCEEDS OF THE SALE OF

BONDS SECURED BY A TRUST AGREEMENT SHALL BE PAID TO THE
TRUSTEE UNDER THE TRUST AGREEMENT SECURING THE BONDS AND
SHALL BE DISBURSED IN THE MANNER AND UNDER THE
RESTRICTIONS, IF ANY, THAT MAY BE PROVIDED IN THE TRUST
AGREEMENT NOT INCONSISTENT WITH THIS SUBTITLE.

[[(L)]] [[(K)]] (L) A COPY OF THE AUTHORIZING

RESOLUTION AND TRUST AGREEMENT SHALL BE FILED WITH AND
MAINTAINED BY THE SECRETARY OF STATE. NO OTHER FILING IS
NECESSARY IN ORDER TO CREATE OR PERFECT A SECURITY
INTEREST, ANY OTHER LAW TO THE CONTRARY NOTWITHSTANDING.

[[467]] 466. DEBT SERVICE RESERVE FUNDS.

(A) THE AUTHORITY MAY CREATE AND ESTABLISH ONE OR
MORE RESERVE FUNDS TO BE KNOWN AS DEBT SERVICE RESERVE
FUNDS, AND MAY PAY INTO THE DEBT SERVICE RESERVE FUNDS
[[(1) ANY MONEY APPROPRIATED AND MADE AVAILABLE BY THE
STATE FOR THE PURPOSE OF THE FUNDS,]] [[(2)]] (1) ANY
PROCEEDS FROM THE SALE OF BONDS, TO THE EXTENT PROVIDED
IN THE RESOLUTION OF THE AUTHORITY AUTHORIZING THE
ISSUANCE OF THEM, AND [[(3)]] (2) ANY OTHER HONEY
AVAILABLE TO THE AUTHORITY FOR THE PURPOSE OF THE FUNDS
FROM ANY OTHER SOURCE. THE MONEY HELD IN OR CREDITED TO
ANY DEBT SERVICE RESERVE FUND ESTABLISHED UNDER THIS
SECTION, EXCEPT AS HEREINAFTER PROVIDED, SHALL BE SOLELY
FOR THE PAYMENT OF THE PRINCIPAL OF BONDS OF THE
AUTHORITY SECURED BY THAT DEBT SERVICE RESERVE FUND AS
THE SAME BECOME DUE, THE PURCHASE OF THE BONDS OF THE
AUTHORITY, THE PAYMENT OF INTEREST ON THE BONDS OF THE
AUTHORITY, OR THE PAYMENT OF ANY REDEMPTION PREMIUM
REQUIRED TO BE PAID WHEN THE BONDS ARE REDEEMED PRIOR TO
MATURITY. THE AUTHORITY [[MAY]] SHALL PROVIDE THAT MONEY
IN ANY DEBT SERVICE RESERVE FUND NOT BE WITHDRAWN
THEREFROM AT ANY TIME IN AN AMOUNT WHICH WOULD REDUCE THE
AMOUNT OF THE FUNDS TO LESS THAN THE MAXIMUM AMOUNT OF
PRINCIPAL AND INTEREST BECOMING DUE IN ANY SUCCEEDING
CALENDAR YEAR ON THE BONDS OF THE AUTHORITY THEN
OUTSTANDING AND SECURED BY THAT DEBT SERVICE RESERVE
FUND, EXCEPT FOR THE PURPOSE OF PAYING PRINCIPAL OF AND
INTEREST ON THE BONDS OF THE AUTHORITY SECURED BY THE
DEBT SERVICE RESERVE BECOMING DUE AND FOR THE PAYMENT OF
WHICH OTHER MONEY OF THE AUTHORITY ARE NOT AVAILABLE.
ANY INCOME OR INTEREST EARNED BY, OR INCREMENT TO ANY
DEBT SERVICE FUND DUE TO THE INVESTMENT OF IT, MAY BE
TRANSFERRED BY THE AUTHORITY TO ANY OTHER FUND OR ACCOUNT
OF THE AUTHORITY, AND THE AUTHORITY MAY PROVIDE THAT THE
TRANSFER MAY NOT REDUCE THE AMOUNT OF THE DEBT SERVICE
RESERVE FUND BELOW THE MAXIMUM AMOUNT OF PRINCIPAL AND
INTEREST BECOMING DUE IN ANY SUCCEEDING CALENDAR YEAR ON