HARRY HUGHES, Governor

2045

DETERMINATION SECURING THE BONDS AND SHALL BE DISBURSED IN
THE MANNER AN© UNDER THE RESTRICTIONS, IF ANY, THAT ARE
PROVIDED IN THE TRUST AGREEMENT OR RESOLUTION DETERMINATION.

13-114. 529.

(A) (1) THE REVENUES, OR ANY PART THEREOF (WHETHER
DERIVED FROM THE ENERGY PROJECT OR PROJECTS IN CONNECTION
WITH WHICH THE BONDS OF ANY ISSUE SHALL HAVE BEEN ISSUED OR
FROM OTHER ENERGY PROJECTS OR SOURCES), DESIGNATED AS
SECURITY FOR THE BONDS BY AN AUTHORIZING RESOLUTION
DETERMINATION OR IN THE TRUST AGREEMENT SECURING THE BONDS
SHALL BE SET ASIDE AT REGULAR INTERVALS, AS PROVIDED IN THE
RESOLUTION DETERMINATION OR TRUST AGREEMENT, IN A SPECIAL
FUND OR FUNDS WHICH ARE HEREBY PLEDGED TO, AND CHARGED WITH,
THE PAYMENT OF:

(I)  THE INTEREST ON THE BONDS AS THE
INTEREST FALLS DUE;

(II)  THE PRINCIPAL OF THE BONDS AS IT
FALLS DUE;

(III)  THE NECESSARY CHARGES OF PAYING
AGENTS FOR PAYING PRINCIPAL AND INTEREST; AND

(IV)  THE REDEMPTION PRICE OR PURCHASE
PRICE OF BONDS RETIRED BY CALL OR PURCHASE AS PROVIDED IN
THE RESOLUTION DETERMINATION OR TRUST AGREEMENT.

(2)  ANY AMOUNTS SET ASIDE IN A SPECIAL FUND THAT
ARE NOT NEEDED TO PROVIDE FOR THE PAYMENT OF ITEMS (I),
(II), (III), AND (IV) UNDER PARAGRAPH (1) OF THIS SUBSECTION
MAY BE USED FOR ANY OTHER LAWFUL PURPOSE, TO THE EXTENT
PROVIDED IN THE RESOLUTION DETERMINATION OR TRUST AGREEMENT.
THE PLEDGE SHALL BE VALID AND BINDING FROM THE TIME WHEN THE
PLEDGE IS MADE. THE REVENUES OR OTHER MONEYS SO PLEDGED AND
THEREAFTER RECEIVED BY THE AUTHORITY ADMINISTRATION SHALL
IMMEDIATELY BE SUBJECT TO THE LIEN OF THE PLEDGE WITHOUT ANY
PHYSICAL DELIVERY OF THE REVENUES OR OTHER MONEYS OR FURTHER
ACT, AND THE LIEN OF THE PLEDGE SHALL BE VALID AND BINDING
AS AGAINST ANY PARTY HAVING ANY CLAIM OF ANY KIND IN TORT,
CONTRACT OR OTHERWISE AGAINST THE AUTHORITY ADMINISTRATION,
IRRESPECTIVE OF WHETHER THE PARTY HAS NOTICE OF THE LIEN.

(3)  NEITHER THE RESOLUTION DETERMINATION NOR ANY
TRUST AGREEMENT BY WHICH A PLEDGE IS CREATED NEED BE FILED
OR RECORDED EXCEPT IN THE RECORDS OF THE AUTHORITY
ADMINISTRATION, ANY PUBLIC GENERAL OR PUBLIC LOCAL LAW TO
THE CONTRARY NOTWITHSTANDING. THE USE AND DISPOSITION OF
MONEYS TO THE CREDIT OF THE SPECIAL FUND SHALL BE SUBJECT TO
THE PROVISIONS OF THE RESOLUTION DETERMINATION AUTHORIZING
THE ISSUANCE OF THE BONDS OR OF THE TRUST AGREEMENT.

(B)  WITHOUT IN ANY WAY LIMITING OR RESTRICTING THE
EFFECT OR APPLICATION OF THIS TITLE SUBTITLE, THE PROVISIONS
OF THIS TITLE SUBTITLE ARE INTENDED TO AND SHALL BE