BLAIR LEE III, Acting Governor

647

of a unit and make mandatory the payments of the fees and
charges; (b) contract with any individual, or group or
association of individuals, authorized and desiring to use
any housing unit or part of a unit, for the use of the
housing unit or part and to fix the terms, conditions, fees,
rents and rates of charges for use; (c) contract for the use
of all or any part of a housing unit or units with any
person, partnership, association, corporation, entity or
agency desiring to use all or any part of the housing unit
or units, and to fix the terms, conditions, fees, rents and
rates of charges for use.

The fees, rents, charges and revenues from the housing
unit or units in connection with which the bonds of any
issue have been issued shall be fixed and adjusted from time
to time to provide a fund sufficient to pay (i) the cost of
maintaining, repairing and operating the housing unit or
units and (ii) the principal and interest on the bonds as
they become due and payable, and to create reserves for
those purposes- Fees, rents and charges may 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 units in
connection with which the bonds of any issue have been
issued, except the part necessary to pay the cost of
maintaining, equipping, repairing and operating them and to
provide reserves provided for in the resolution authorizing
the issuance of the bonds or in the trust agreement securing
them, shall be set aside at regular intervals provided in
the resolution or trust agreement in a sinking fund which is
pledged to, and charged with, the payment of (1) the
interest upon the bonds when due, (2) the principal of the
bonds when 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 the resolution or trust agreement. The
pledge is valid and binding from the time when made; fees,
rents, charges and other revenues or other moneys pledged
and received by the board are subject to the lien of the
pledge without any physical delivery or further act, and the
lien of any pledge is valid and binding against all parties
having any claims of any kind in tort, contract or otherwise
against the board, irrespective of notice. Neither the
resolution nor any trust agreement by which a pledge is
created need be filed or recorded except in the records of
the board. The use and disposition or moneys to the credit
of the sinking fund is subject to the provisions of the
resolution authorizing the issuance of the bonds or of the
trust agreement-                                                                                           

Notwithstanding any provision of this section, the
board may, by resolution passed prior to the issuance of
revenue bonds under the provisions of this subtitle or in
the trust agreement securing the bonds, covenant to pay all
or any part of the cost of maintaining, equipping, repairing
and operating any housing unit or units. The covenant has
the force of contract between the State of Maryland acting
by the board and the holders of the revenue bonds or revenue