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124 LAWS OF MARYLAND Ch. 13
INCLUDING COVENANTS SETTING FORTH THE DUTIES OF THE
AUTHORITY AS TO THE FINANCING OR DEVELOPMENT OF ANY
TRANSPORTATION FACILITIES PROJECT, THE EXTENSION,
ENLARGEMENT, IMPROVEMENT, MAINTENANCE, OPERATION, REPAIR,
AND INSURANCE OF THE PROJECT, AND THE CUSTODY,
SAFEGUARDING, AND APPLICATION OF MONEY;
(2) PROVIDE FOR THE EMPLOYMENT OF CONSULTING
ENGINEERS IN CONNECTION WITH THE CONSTRUCTION OR
OPERATION OF ANY TRANSPORTATION FACILITIES PROJECT;
(3) SET FORTH THE RIGHTS AND REMEDIES OF THE
BONDHOLDERS AND OF THE TRUSTEE;
(4) RESTRICT THE INDIVIDUAL RIGHT OF ACTION
BY BONDHOLDERS; AND
(5) CONTAIN ANY OTHER PROVISIONS THAT THE
AUTHORITY CONSIDERS REASONABLE AND PROPER FOR THE
SECURITY OF THE BONDHOLDERS, INCLUDING:
(I) COVENANTS TO RESTRICT OR PROHIBIT THE
CONSTRUCTION OR OPERATION OF COMPETING TRANSPORTATION
FACILITIES OF THE SAME MODE; AND
(II) COVENANTS RELATING TO THE ISSUANCE OF
ADDITIONAL PARITY BONDS ON STATED CONDITIONS CONSISTENT
WITH THE REQUIREMENTS OF THIS SUBTITLE.
(C) ACCOUNTING FOR EXPENSES.
ALL EXPENSES INCURRED IN CARRYING OUT THE TRUST
AGREEMENT MAY BE TREATED AS A PART OF THE COST OF THE
OPERATION OF THE TRANSPORTATION FACILITIES PROJECT IN
CONNECTION WITH WHICH THE BONDS HAVE BEEN ISSUED.
(D) DISPOSITION OF PROCEEDS.
THE PROCEEDS OF THE SALE OF BONDS 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, PROVIDED IN THE TRUST AGREEMENT.
(E) POWER OF DEPOSITORY DEPOSITARY.
ANY BANK OR TRUST COMPANY INCORPORATED UNDER THE
LAWS OF THIS STATE THAT ACTS AS DEPOSITORY DEPOSITARY OF
THE PROCEEDS OF THE BONDS OR OF REVENUES MAY FURNISH
ANY INDEMNIFYING BONDS OR PLEDGE ANY SECURITIES THAT THE
AUTHORITY REQUIRES.
REVISOR'S NOTE: This section presently appears as
Art. 94A, §17.
In subsection (b)(5) of this section, the
words "without limitation" are deleted as
unnecessary in light of the definition of
"including" in §1-101 of this article.
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