3090

LAWS OF MARYLAND

Ch. 488

(3)  THE SETTING ASIDE OF LOAN FUNDING DEPOSITS,
DEBT SERVICE RESERVES, CAPITALIZED INTEREST ACCOUNTS, COST
OF ISSUANCE ACCOUNTS AND SINKING FUNDS, AND THE REGULATION,
INVESTMENT, AND DISPOSITION THEREOF;

(4)  LIMITATIONS ON THE USE OF THE EDUCATION
LOANS;

(5)  LIMITATIONS ON THE PURPOSE TO WHICH OR THE
INVESTMENTS IN WHICH THE PROCEEDS OF SALE OF ANY ISSUE OF
BONDS THEN OR THEREAFTER TO BE ISSUED MAY BE APPLIED;

(6)  LIMITATIONS ON THE ISSUANCE OF ADDITIONAL
BONDS, THE TERMS UPON WHICH ADDITIONAL BONDS MAY BE ISSUED
AND SECURED, THE TERMS UPON WHICH ADDITIONAL BONDS MAY RANK
ON A PARITY WITH, OR BE SUBORDINATE OR SUPERIOR TO, OTHER
BONDS;

(7)  THE REFUNDING OR REFINANCING OF OUTSTANDING
BONDS;

(8)  THE PROCEDURE, IF ANY, BY WHICH THE TERMS OF
ANY CONTRACT WITH BONDHOLDERS MAY BE ALTERED OR AMENDED AND
THE AMOUNT OF BONDS THE HOLDERS OF WHICH MUST CONSENT
THERETO, AND THE MANNER IN WHICH CONSENT SHALL BE GIVEN;

(9)  DEFINING THE ACTS OR OMISSIONS WHICH SHALL
CONSTITUTE A DEFAULT IN THE DUTIES OF THE AUTHORITY TO
HOLDERS OF ITS OBLIGATIONS AND PROVIDING THE RIGHTS OR
REMEDIES OF SUCH HOLDERS IN THE EVENT OF A DEFAULT;

(10)  PROVIDING FOR GUARANTEES, PLEDGES OF
ENDOWMENTS, LETTERS OF CREDIT, PROPERTY OR OTHER SECURITY,
OR INSURANCE FOR THE BENEFIT OF THE HOLDERS OF THE BONDS;
AND

(11)  ANY OTHER MATTER RELATING TO THE BONDS
WHICH THE AUTHORITY DETERMINES APPROPRIATE.

(C)  NO MEMBER OF THE AUTHORITY NOR ANY PERSON
EXECUTING THE BONDS SHALL BE LIABLE PERSONALLY ON THE BONDS
OR SUBJECT TO ANY PERSONAL LIABILITY BY REASON OF THE
ISSUANCE OF THE BONDS.

(D)  (1) THE AUTHORITY MAY PURCHASE ITS BONDS OUT OF
ANY AVAILABLE FUNDS AND MAY HOLD, PLEDGE, CANCEL, OR RESELL
THE BONDS SUBJECT TO AND IN ACCORDANCE WITH AGREEMENTS WITH
BONDHOLDERS.

(2) THE AUTHORITY MAY REFUND OR REFINANCE ANY OF
ITS BONDS.

18-1310. TRUST AGREEMENT.