2044

LAWS OF MARYLAND

Ch. 497

THIS TITLE SUBTITLE, INSOFAR AS THEY MAY BE APPLICABLE.
HOWEVER, THE AUTHORITY ADMINISTRATION MAY MAKE OR APPROVE
PROVISIONS IN CONNECTION WITH THE ISSUANCE OF THE BONDS
AUTHORIZED BY SUBSECTION (2) OF THIS SECTION INCLUDING THE
SECURITY FOR THE BONDS, THE PRIORITY OF THE BONDS WITH
REGARD TO THE SECURITY (WHICH PRIORITY MAY BE SENIOR, OR
SUBORDINATED TO, OR ON A PARITY WITH, OTHER OBLIGATIONS), AS
THE AUTHORITY ADMINISTRATION MAY DEEM NECESSARY OR
APPROPRIATE TO EFFECTUATE THE ACQUISITION, CONSTRUCTION OR
PROVISIONS PROVISION OF AN ENERGY PROJECT BY ANY PERSON.

13-113 528.

(A)  IF THE AUTHORITY ADMINISTRATION ELECTS, BONDS MAY
BE SECURED BY A TRUST AGREEMENT BY AND BETWEEN THE AUTHORITY
ADMINISTRATION AND A CORPORATE TRUSTEE, WHICH MAY BE ANY
TRUST COMPANY OR BANK HAVING TRUST POWERS, IN OR OUTSIDE THE
STATE. THE TRUST AGREEMENT MAY PLEDGE OR ASSIGN ALL OR ANY
PART OF THE REVENUES OF THE AUTHORITY ADMINISTRATION OR OF
ANY ENERGY PROJECT, AND MAY MORTGAGE OR GRANT A LIEN ON OR
SECURITY INTEREST IN ANY ENERGY PROJECT OR ANY PART OF IT.
ANY TRUST AGREEMENT OR RESOLUTION DETERMINATION THAT
AUTHORIZES THE ISSUANCE OF BONDS MAY CONTAIN A PROVISION
PROVISIONS FOR THE PROTECTION AND ENFORCEMENT OF THE RIGHTS
AND REMEDIES OF THE BONDHOLDERS, AS MAY BE CONSIDERED
REASONABLE AND PROPER, INCLUDING COVENANTS THAT SET FORTH
THE DUTIES OF THE AUTHORITY ADMINISTRATION IN RELATION TO
THE ACQUISITION OR CONSTRUCTION OF ANY ENERGY PROJECT, THE
EXTENSION, ENLARGEMENT, IMPROVEMENT, MAINTENANCE, OPERATION,
REPAIR AND INSURANCE OF ANY ENERGY PROJECT AND THE CUSTODY,
SAFEGUARDING AND APPLICATION OF MONEYS AND MAY CONTAIN
PROVISION FOR THE EMPLOYMENT OF CONSULTING ENGINEERS AND
OTHER EXPERTS IN CONNECTION WITH THE CONSTRUCTION OR
OPERATION OF ANY ENERGY PROJECT. ANY BANK OR TRUST COMPANY
INCORPORATED UNDER THE LAWS OF THIS STATE MAY ACT AS
DEPOSITORY OF THE PROCEEDS OF THE BONDS OR OF REVENUES, MAY
FURNISH INDEMNIFYING BONDS OR MAY PLEDGE SECURITIES, AS MAY
BE REQUIRED BY THE AUTHORITY ADMINISTRATION. THE TRUST
AGREEMENT OR RESOLUTION DETERMINATION 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, THE TRUST AGREEMENT OR RESOLUTION
DETERMINATION MAY CONTAIN ANY OTHER PROVISION THAT THE
AUTHORITY ADMINISTRATION CONSIDERS REASONABLE AND PROPER FOR
THE SECURITY OF THE BONDHOLDERS, INCLUDING COVENANTS TO
ABANDON, RESTRICT, OR PROHIBIT THE CONSTRUCTION OR OPERATION
OF COMPETING FACILITIES AND COVENANTS PERTAINING TO THE
ISSUANCE OF ADDITIONAL PARITY BONDS ON CONDITIONS STATED IN
THE TRUST AGREEMENT OR RESOLUTION DETERMINATION CONSISTENT
WITH THE REQUIREMENTS OF THIS TITLE SUBTITLE. ALL EXPENSES
INCURRED IN CARRYING OUT THE PROVISIONS OF ANY TRUST
AGREEMENT OR RESOLUTION DETERMINATION MAY BE TREATED AS A
PART OF THE COST OF ANY ENERGY PROJECT OR PROJECTS IN
CONNECTION WITH WHICH THE BONDS SHALL HAVE BEEN ISSUED.

(B)  THE PROCEEDS OF THE SALE OF BONDS SHALL BE PAID TO
THE TRUSTEE UNDER ANY TRUST AGREEMENT OR RESOLUTION