HARRY HUGHES, Governor

3193

CONSTRUCTION OR PROVISION OF A PROJECT BY ANY PERSON OR
SUBDIVISION; PROVIDED, HOWEVER, THAT THE AUTHORITY SHALL NOT
HAVE POWER TO TAKE ANY ACTION IN CONNECTION WITH THE
ISSUANCE OF BONDS PURSUANT TO THIS PARAGRAPH WHICH WOULD
CREATE ANY OBLIGATION ON THE PART OF ANY SUBDIVISION WITHOUT
THE CONSENT OF SUCH SUBDIVISION TO SUCH OBLIGATION.

11. 3-711.

(A)  BONDS MAY BE SECURED BY A TRUST AGREEMENT BY AND
BETWEEN THE AUTHORITY AND A CORPORATE TRUSTEE, WHICH MAY BE
ANY TRUST COMPANY OR BANK HAVING TRUST POWERS, WITHIN OR
WITHOUT THE STATE. SUCH TRUST AGREEMENT MAY PLEDGE OR
ASSIGN ALL OR ANY PART OF THE REVENUES OF THE AUTHORITY OR
OF ANY PROJECT, AND MAY MORTGAGE OR GRANT A LIEN ON OR
SECURITY INTEREST IN ANY PROJECT OR ANY PART THEREOF. ANY
SUCH TRUST AGREEMENT OR RESOLUTION AUTHORIZING THE ISSUANCE
OF BONDS MAY CONTAIN SUCH PROVISIONS FOR THE PROTECTION AND
ENFORCEMENT OF THE RIGHTS AND REMEDIES OF THE BONDHOLDERS AS
MAY BE DEEMED REASONABLE AND PROPER, INCLUDING COVENANTS
SETTING FORTH THE DUTIES OF THE AUTHORITY 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 MONEYS AND MAY CONTAIN PROVISIONS FOR THE
EMPLOYMENT OF CONSULTING ENGINEERS AND OTHER EXPERTS IN
CONNECTION WITH THE CONSTRUCTION OR OPERATION OF ANY
PROJECT. IT SHALL BE LAWFUL FOR ANY BANK OR TRUST COMPANY
INCORPORATED UNDER THE LAWS OF THIS STATE WHICH MAY ACT AS
DEPOSITORY OF THE PROCEEDS OF THE BONDS OR OF REVENUES TO
FURNISH SUCH INDEMNIFYING BONDS OR TO PLEDGE SUCH SECURITIES
AS MAY BE REQUIRED BY THE AUTHORITY. SUCH TRUST AGREEMENT
MAY SET FORTH THE RIGHTS AND REMEDIES OF THE BONDHOLDERS AND
OF THE TRUSTEE AND MAY RESTRICT THE INDIVIDUAL RIGHT OF
ACTION BY BONDHOLDERS. IN ADDITION TO THE FOREGOING, SUCH
TRUST AGREEMENT MAY CONTAIN SUCH OTHER PROVISIONS AS THE
AUTHORITY MAY DEEM REASONABLE AND PROPER FOR THE SECURITY OF
THE BONDHOLDERS, INCLUDING (WITHOUT LIMITATION) COVENANTS TO
ABANDON, RESTRICT, OR PROHIBIT THE CONSTRUCTION OR OPERATION
OF COMPETING FACILITIES AND COVENANTS PERTAINING TO THE
ISSUANCE OF ADDITIONAL PARITY BONDS UPON CONDITIONS STATED
THEREIN CONSISTENT WITH THE REQUIREMENTS OF THIS ARTICLE.
ALL EXPENSES INCURRED IN CARRYING OUT THE PROVISIONS OF ANY
SUCH TRUST AGREEMENT MAY BE TREATED AS A PART OF THE COST OF
ANY PROJECT OR PROJECTS IN CONNECTION WITH WHICH SUCH BONDS
SHALL HAVE BEEN ISSUED.

(B)  THE PROCEEDS OF THE SALE OF BONDS SHALL BE PAID TO
THE TRUSTEE UNDER ANY TRUST AGREEMENT SECURING SUCH BONDS
AND SHALL BE DISBURSED IN SUCH MANNER AND UNDER SUCH
RESTRICTIONS, IF ANY, AS MAY BE PROVIDED IN SUCH TRUST
AGREEMENT.

12. 3-712.

(A) THE RATES, RENTALS, FEES, AND CHARGES OF THE
AUTHORITY IN CONNECTION WITH EACH PROJECT SHALL BE SO FIXED,