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Ch. 13
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320
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LAWS OF MARYLAND
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(1) DIRECT THE SELLER TO SELL AND ASSIGN THE
EQUIPMENT TO A BANK OR TRUST COMPANY AUTHORIZED TO DO
BUSINESS IN THIS STATE OR TO THE UNITED STATES
DEPARTMENT OF TRANSPORTATION, AS TRUSTEE, LESSOR, OR
SELLER, FOR THE BENEFIT AND SECURITY OF THE EQUIPMENT
TRUST CERTIFICATES;
(2) DIRECT THE TRUSTEE TO DELIVER THE
TRANSIT FACILITIES AND EQUIPMENT TO ONE OR MORE
DESIGNATED AGENTS OF THE DEPARTMENT; AND
(3) AUTHORIZE THE TRUSTEE SIMULTANEOUSLY
WITH THE DELIVERY TO EXECUTE AND DELIVER A LEASE OF THE
TRANSIT FACILITIES OR EQUIPMENT TO THE DEPARTMENT.
(E) ACKNOWLEDGMENT OF AGREEMENTS, LEASES, AND
EQUIPMENT TRUST CERTIFICATES.
THE AGREEMENTS AND LEASES SHALL BE ACKNOWLEDGED IN
THE FORM REQUIRED FOR THE ACKNOWLEDGMENT OF DEEDS. THE
AGREEMENTS, LEASES, AND EQUIPMENT TRUST CERTIFICATES
SHALL BE AUTHORIZED BY THE SECRETARY AND CONTAIN THE
COVENANTS, CONDITIONS, AND PROVISIONS THAT THE SECRETARY
CONSIDERS NECESSARY OR APPROPRIATE TO INSURE THE PAYMENT
OF THE EQUIPMENT TRUST CERTIFICATES FROM THE REVENUES
DERIVED FROM THE OPERATION OF THE TRANSIT SYSTEM AND
OTHER FUNDS.
(F) COVENANTS AND CONDITIONS NOT TO CONFLICT.
THE COVENANTS, CONDITIONS, AND PROVISIONS OF THE
AGREEMENTS, LEASES, AND EQUIPMENT TRUST CERTIFICATES MAY
NOT CONFLICT WITH ANY TRUST AGREEMENT SECURING THE
PAYMENT OF BONDS OR OTHER OBLIGATIONS OF THE DEPARTMENT
THEN OUTSTANDING AND MAY NOT CONFLICT WITH THE RIGHTS OF
THE HOLDERS OF ANY OTHER BONDS OR OBLIGATIONS.
REVISOR'S NOTE: This section presently appears as
Art. 64B, §23.
Throughout this section, the term "Department"
or "Secretary" is substituted for present
references to the Administration and the
former Metropolitan Transit Authority. This
change is required by former Art. 94A,
§3—decodified as Section 1 of Ch. 608, Acts
of 1976—-which transferred all powers relating
to the "borrowing of money" and "incurring of
indebtedness" from the former Metropolitan
Transit Authority to the Department (or, as to
revenue bond financing, the Maryland
Transportation Authority).
In subsection (a) of this section, references
to the "rental" of facilities or equipment are
added to conform to the like references in
subsection (c).
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