MARVIN MANDEL, Governor

2659

INTEREST.

[[(E)]] (D) FOR THE PURPOSE OF THIS SECTION, THE
PRINCIPAL OF BONDS SHALL BECOME DUE AT THE STATED DATE OF
MATURITY OR ON AN EARLIER DATE AS THE BONDS MAY BE
PAYABLE BY OPERATION OF ANY APPLICABLE SINKING FUND.

[[468]] 467. TRUST FUNDS.

ALL MONEY RECEIVED BY THE AUTHORITY AS PROCEEDS FROM
THE SALE OF BONDS AND ALL MONEY RECEIVED BY IT WHICH IS
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 THE TRUST AGREEMENT
SECURING THE BONDS.

[[469]] 468. REMEDIES OF BONDHOLDERS AND TRUSTEES.

ANY HOLDER OF BONDS ISSUED UNDER THIS SUBTITLE OR OF
ANY OF THE COUPONS PERTAINING TO THEM, AND THE TRUSTEE,
EXCEPT TO THE EXTENT THE RIGHTS ACCORDED UNDER THIS
SUBTITLE 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 IN THIS SUBTITLE,
OR IN THE RESOLUTION AUTHORIZING THE ISSUANCE OF THE
BONDS, 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 BY THE TRUST AGREEMENT, TO BE PERFORMED
BY THE AUTHORITY.

[[470]] 469. BONDS ARE LEGAL INVESTMENTS.

BONDS ISSUED UNDER THIS SUBTITLE ARE SECURITIES IN
WHICH ALL PUBLIC OFFICERS AND PUBLIC UNITS OF THE STATE
AND ITS POLITICAL SUBDIVISIONS AND ALL BANKS, TRUST
COMPANIES, SAVINGS AND LOAN ASSOCIATIONS, INVESTMENT
COMPANIES, AND OTHERS CARRYING ON A BANKING BUSINESS, ALL
INSURANCE COMPANIES, INSURANCE ASSOCIATIONS, AND OTHERS
CARRYING ON AN INSURANCE BUSINESS, ALL PERSONAL
REPRESENTATIVES, GUARDIANS, TRUSTEES, AND OTHER
FIDUCIARIES, AND ALL OTHER PERSONS MAY LEGALLY AND
PROPERLY INVEST FUNDS, INCLUDING CAPITAL IN THEIR CONTROL
OR BELONGING TO THEM. THE BONDS ARE SECURITIES WHICH MAY
PROPERLY AND LEGALLY BE DEPOSITED WITH AND RECEIVED BY
ANY STATE OR MUNICIPAL OFFICER OR ANY UNIT OR POLITICAL
SUBDIVISION OF THE STATE FOR ANY PURPOSE FOR WHICH THE
DEPOSIT OF BONDS OR OTHER OBLIGATIONS OF THE STATE IS
AUTHORIZED BY LAW.

[[471]] 470. BONDS NOT TO BE DEEMED STATE OR LOCAL DEBT.