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MARVIN MANDEL, Governor 123
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(A) POWER TO ISSUE.
THE AUTHORITY MAY ISSUE ITS BOND ANTICIPATION
NOTES, PAYABLE TO THE BEARER OR REGISTERED HOLDER OF THE
NOTES OUT OF THE FIRST PROCEEDS OF THE NEXT SALE OF
BONDS ISSUED UNDER THIS SUBTITLE,
(B) DISCRETION TO SET TERMS.
THE RESOLUTION AUTHORIZING THE ISSUANCE OF BOND
ANTICIPATION NOTES MAY PROVIDE FOR THE ISSUANCE OF THESE
NOTES IN SERIES, AS FUNDS ARE REQUIRED, AND FOR THE
RENEWAL OF THESE NOTES AT MATURITY, WITH OR WITHOUT
RESALE.
(C) TERMS AND CONDITIONS.
THE ISSUANCE OF BOND ANTICIPATION NOTES, THE
DETAILS OF THEIR ISSUANCE, THE RIGHTS OF THEIR HOLDERS,
AND THE RIGHTS, DUTIES, AND OBLIGATIONS OF THE AUTHORITY
WITH RESPECT TO THEM ARE GOVERNED BY THE PROVISIONS OF
THIS SUBTITLE RELATING TO THE ISSUANCE OF THE BONDS IN
ANTICIPATION OF THE SALE OF WHICH THE NOTES ARE ISSUED,
INSOFAR AS THOSE PROVISIONS MAY BE APPLICABLE.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §16(ii).
The language of this section has been revised
without substantive change to conform
generally with the language of §3—210 of this
article; see revisor's note to that section.
4-311. TRUST AGREEMENT SECURING BONDS.
(A) POWER TO MAKE; LIMITATIONS.
(1) REVENUE BONDS ISSUED UNDER THIS SUBTITLE
MAY BE SECURED BY A TRUST AGREEMENT BETWEEN THE
AUTHORITY AND A CORPORATE TRUSTEE, WHICH MAY BE ANY TRUST
COMPANY OR BANK HAVING TRUST POWERS WITHIN OR WITHOUT
THIS STATE.
(2) THE TRUST AGREEMENT PAY PLEDGE OR ASSIGN
ALL OR ANY PART OF THE REVENUES OF THE AUTHORITY OR OF
ANY TRANSPORTATION FACILITIES PROJECT, BUT MAY NOT
MORTGAGE ANY PART OF ANY TRANSPORTATION FACILITIES
PROJECT.
(B) SCOPE OF PROVISIONS.
ANY TRUST AGREEMENT OR BOND AUTHORIZING RESOLUTION
MAY:
(1) CONTAIN ANY PROVISIONS FOR THE
PROTECTION AND ENFORCEMENT OF THE RIGHTS AND REMEDIES OF
BONDHOLDERS AS ARE CONSIDERED REASONABLE AND PROPER,
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