BLAIR LEE III, Acting Governor                          60 7

maintaining, repairing and operating such housing unit or
housing units and (ii) the principal of and the interest on
such bonds as the same shall become due and payable, and to
create reserves for such purposes. Such fees, rents and
charges shall not be subject to supervision or regulation by
any other commission, board, bureau or agency of the State.
The fees, rents, charges and other revenues derived from the
housing unit or housing units in connection with which the
bonds of any issue shall have been issued (except such part
thereof as may be necessary to pay the cost of maintaining,
equipping, repairing and operating the same and to provide
such reserves therefor as may be provided for in the
resolution authorizing the issuance of such bonds or in the
trust agreement securing the same) shall be set aside at
such regular intervals as may be provided in such resolution
or such trust agreement in a sinking fund which is hereby
pledged to, and charged with, the payment of (1) the
interest upon such bonds as such interest shall fall due,

(2)  the principal of such bonds as the same shall fall due,

(3)   the necessary charges of paying agents for paying
principal and interest, and (4) the redemption price or
purchase price of bonds retired by call or purchase as
provided in said resolution or trust agreement. Such
pledge shall be valid and binding from the time when the
pledge is made; such fees, rents, charges and other revenues
or other moneys so pledged and thereafter received by the
board of trustees shall immediately be subject to the lien
of such pledge without any physical delivery thereof or
further act, and the lien of any such pledge shall be valid
and binding as against all parties having any claims of any
kind in tort, contract or otherwise against the board of
trustees, irrespective of whether such parties have notice
thereof- Neither the resolution nor any trust agreement by
which a pledge is created need be filed or recorded except
in the records of said board of trustees. The use and
disposition of moneys to the credit of such sinking fund
shall be subject to the provisions of the resolutions
authorizing the issuance of such bonds or of such trust
agreement.

Notwithstanding any of the foregoing provisions of this
section, the board of trustees may, by resolution passed
prior to the issuance of revenue bonds under the provisions
of §§ 14B—14K, inclusive, of this subtitle or in the trust
agreements securing such bonds, covenant to pay all or any
part of the cost of maintaining, equipping, repairing and
operating any housing unit or housing units, and inasmuch as
each such housing unit shall at all times belong to the
State, such covenant shall have the force of contract
between the State of Maryland acting by the board of
trustees and the holders of the revenue bonds or revenue
refunding bonds issued on account of such project or
projects.

14G. Same—Moneys deemed to be trust funds; protection of
rights and enforcement of duties.

(a) All moneys received by said board of trustees as