2134

LAWS OF MARYLAND

Ch. 744

FUND WHICH IS HEREBY PLEDGED TO AND CHARGED WITH THE PAYMENT
OF (1) THE INTEREST UPON THE REVENUE BONDS AS THE INTEREST
FALLS DUE; (2) THE PRINCIPAL OF THE REVENUE BONDS AS IT
FALLS DUE; (3) THE NECESSARY FISCAL AGENCY CHARGES FOR
PAYING PRINCIPAL AND INTEREST; AND (4) ANY PREMIUM UPON THE
REVENUE BONDS RETIRED BY CALL OR PURCHASE AS HEREIN
PROVIDED. THE USE AND DISPOSITION OF THE SINKING FUND SHALL
BE SUBJECT TO REGULATIONS AS IS PROVIDED IN THE RESOLUTION
AUTHORISING THE ISSUANCE OF THE REVENUE BONDS, OR IN THE
TRUST INDENTURE, BUT EXCEPT AS OTHERWISE MAY BE PROVIDED IN
THE RESOLUTION OR TRUST INDENTURE, THE SINKING FUND SHALL BE
A FUND FOR THE BENEFIT OF ALL REVENUE BONDS WITHOUT
DISTINCTION OR PRIORITY OF ONE OVER ANOTHER. SUBJECT TO THE
PROVISIONS OF THE RESOLUTION AUTHORISING THE ISSUANCE OF
BONDS OR OF THE TRUST INDENTURE, ANY MONEYS IN THE SINKING
FUND IN EXCESS OF AN AMOUNT EQUAL TO 1 YEAR'S INTEREST ON
ALL THE REVENUE BONDS THEN OUTSTANDING MAY BE APPLIED TO THE
PURCHASE OR REDEMPTION OF REVENUE BONDS. ALL BONDS SO
PURCHASED OR REDEEMED FORTHWITH SHALL BE CANCELLED.

497.

BONDS ISSUED UNDER THE PROVISIONS OF THIS SUBTITLE ARE
SECURITIES IN WHICH ALL PUBLIC OFFICERS AND PUBLIC AGENCIES
OF THE STATE AND ITS POLITICAL SUBDIVISIONS AND ALL BANKS,
TRUST COMPANIES, SAVINGS AND LOAN ASSOCIATIONS, INVESTMENT
COMPANIES AND OTHERS CARRYING ON A BANKING BUSINESS, ALL
INSURANCE COMPANIES AND INSURANCE ASSOCIATIONS AND OTHERS
CARRYING ON AN INSURANCE BUSINESS, ALL ADMINISTRATORS,
EXECUTORS, GUARDIANS, TRUSTEES, AND OTHER FIDUCIARIES, AND
ALL OTHER PERSONS MAY LEGALLY AND PROPERLY INVEST FUNDS,
INCLUDING CAPITAL IN THEIR CONTROL OR BELONGING TO THEM.
THE BONDS ARE SECURITIES WHICH PROPERLY AND LEGALLY MAY BE
DEPOSITED WITH AND RECEIVED BY ANY STATE OR MUNICIPAL
OFFICER OR ANY AGENCY OR POLITICAL SUBDIVISION OF THE STATE
FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS OR OTHER
OBLIGATIONS OF THE STATE IS AUTHORIZED BY LAW.

498.

ANY HOLDER OF BONDS ISSUED UNDER THE PROVISIONS OF THIS
SUBTITLE OR OF ANY OF THE COUPONS ATTACHED THERETO, AND THE
TRUSTEE UNDER THE TRUST INDENTURE, IF ANY, EXCEPT TO THE
EXTENT THE RIGHTS HEREIN GIVEN ARE RESTRICTED BY RESOLUTION
PASSED BEFORE THE ISSUANCE OF THE BONDS OR BY THE TRUST
INDENTURE, EITHER AT LAW OR IN EQUITY, BY SUIT, ACTION,
MANDAMUS, OR OTHER PROCEEDINGS, MAY PROTECT AND ENFORCE ANY
AND ALL RIGHTS UNDER THE LAWS OF MARYLAND OR GRANTED
HEREUNDER OR UNDER THE RESOLUTION OR TRUST INDENTURE, AND
MAY ENFORCE AND COMPEL PERFORMANCE OF ALL DUTIES REQUIRED BY
THIS SUBTITLE OR BY THE RESOLUTION OR TRUST INDENTURE TO BE
PERFORMED BY THE COMMISSION, THE STATE, ANY POLITICAL
SUBDIVISION THEREOF, OR ANY OFFICER THEREOF, INCLUDING THE
FIXING, CHARGING, AND COLLECTING OF RATES AND CHARGES FOR
THE USE OF THE ITS FACILITIES OF THE MARKET.

499.