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Ch. 426
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2232
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LAWS OF MARYLAND
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 3-104(a) and (j) and 3-118(a) of
Article — Natural Resources, of the Annotated Code of
Maryland (1974 Volume and 1976 Supplement) be and they
are hereby repealed and reenacted, with amendments, to
read as follows:
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Article - Natural Resources
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3-104.
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(a) The Service has all powers necessary for
carrying out the purposes of this subtitle, including[,
but not limited to,] the following rights and powers set
forth in this section.
(j) To borrow money and issue bonds or notes for
the purpose of paying all or any part of the cost of any
one or more projects; to provide funds to be paid into
any debt service reserve fund; to secure the payment of
the bonds or notes or any part thereof by pledge or deed
of trust of all or any part of its revenues or other
available money OR BY PLEDGE, MORTGAGE, OR DIED OF TRUST
OF ANY ONE OR MORE FACILITIES OR PROPERTIES TO BE
CONSTRUCTED OR ACQUIRED WITH THE PROCEEDS OF THE BONDS OR
NOTES; to combine projects for financing purposes and to
make agreements with or for the benefit of the purchaser
or holder of the bonds or notes, with the issue of the
bonds or notes, whether issued or to be issued, as the
Service may deem advisable; and in general to provide for
the security of the bonds or notes and the rights of
their holders.
3-118.
(a) Bonds authorized to be issued under the
provisions of this subtitle by resolution of the board of
directors may be secured by a trust agreement by and
between the Service and a corporate trustee, which may be
any trust company, or bank having trust powers, within or
without the State. The trust agreement, or the
authorizing resolution, may pledge or assign all or any
part of the revenues of the Service or of any project or
other available funds of the Service OR PLEDGE, CONVEY,
OR ASSIGN ANY ONE OR MORE FACILITIES OR PROPERTIES TO BE
CONSTRUCTED OR ACQUIRED WITH THE PROCEEDS OF THE BONDS.
Any trust agreement or resolution authorizing the
issuance of bonds may contain the provisions for the
protection and enforcement of the rights and remedies of
the bondholders deemed reasonable and proper, including
covenants setting forth the duties of the Service in
relation to the acquisition or construction of any
project, the extension, enlargement, improvement,
maintenance, operation, repair, and insurance of any
project and the custody, safeguarding, and application of
money and may contain provisions for the employment of
consulting engineers in connection with the construction
or operation of any project. It is lawful for any bank
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