HARRY HUGHES, Governor

3195

ANY OTHER LAWFUL PURPOSE, TO THE EXTENT PROVIDED IN SUCH
RESOLUTION OR TRUST AGREEMENT. SUCH PLEDGE SHALL BE VALID
AND BINDING FROM THE TIME WHEN THE PLEDGE IS MADE. SUCH
REVENUES OR OTHER MONEYS SO PLEDGED AND THEREAFTER RECEIVED
BY THE AUTHORITY 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 AUTHORITY,
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 THE AUTHORITY, ANY PUBLIC GENERAL OR PUBLIC LOCAL
LAW TO THE CONTRARY NOTWITHSTANDING. THE USE AND
DISPOSITION OF MONEYS TO THE CREDIT OF SUCH SPECIAL FUND
SHALL BE SUBJECT TO THE PROVISIONS OF THE RESOLUTION
AUTHORIZING THE ISSUANCE OF SUCH BONDS OR OF SUCH TRUST
AGREEMENT.

(D)  WITHOUT IN ANY WAY LIMITING OR RESTRICTING THE
EFFECT OR APPLICATION THEREOF, THE PROVISIONS OF THIS
ARTICLE SUBTITLE ARE INTENDED AND SHALL BE CONSTRUED TO
AUTHORIZE THE AUTHORITY TO FINANCE ANY PROJECT OR PROJECTS
OR ANY COMBINATION OF PROJECTS BY ANY COMBINATION OF ISSUES
OR SERIES OF BONDS WHICH SHALL BE SECURED BY THE PLEDGE OF
THE NET OR GROSS (OR COMBINATION THEREOF) REVENUES FROM ANY
PROJECT OR PROJECTS OR COMBINATION OF PROJECTS, DESIGNATED
BY AN RESOLUTION AUTHORIZING THE ISSUANCE OF SUCH BONDS OR
BY ANY TRUST AGREEMENT SECURING SUCH BONDS.

(E)  ANY NET EARNINGS OF THE AUTHORITY (BEYOND THAT
NECESSARY FOR THE RETIREMENT OF BONDS OR TO IMPLEMENT THE
PUBLIC PURPOSES OR PROGRAMS OF THE AUTHORITY) SHALL NOT
INURE TO THE BENEFIT OF ANY PERSON, OTHER THAN THE STATE OF
MARYLAND FOR USE TO ACCOMPLISH THE PURPOSES OF THIS ARTICLE
SUBTITLE.

13. 3-713.

ANY HOLDER OF BONDS OR OF ANY OF THE COUPONS THERETO
APPERTAINING AND THE TRUSTEE (EXCEPT TO THE EXTENT THE
RIGHTS HEREIN GIVEN MAY BE RESTRICTED BY ANY RESOLUTION
AUTHORIZING THE ISSURANCE OF, OR BY ANY TRUST AGREEMENT
SECURING, SUCH BONDS) MAY, EITHER AT LAW OR IN EQUITY, BY
SUIT, ACTION, MANDAMUS, OR OTHER PROCEEDINGS, PROTECT AND
ENFORCE ANY AND ALL RIGHTS UNDER THE LAWS OF THIS STATE OR
GRANTED HEREUNDER OR UNDER SUCH RESOLUTION OR TRUST
AGREEMENT, AND MAY ENFORCE AND COMPEL THE PERFORMANCE OF ALL
DUTIES REQUIRED BY THIS ARTICLE SUBTITLE OR BY SUCH
RESOLUTION OR TRUST AGREEMENT TO BE PERFORMED BY THE
AUTHORITY OR BY ANY OFFICER, EMPLOYEE, OR AGENT THEREOF,
INCLUDING THE FIXING, CHARGING, AND COLLECTING OF RATES,
RENTALS, FEES, AND CHARGES HEREIN AUTHORIZED REQUIRED BY THE
PROVISIONS OF SUCH RESOLUTION OR TRUST AGREEMENT TO BE
FIXED, CHARGED, AND COLLECTED.