HARRY HUGHES, Governor

3091

(A) (1) ANY BONDS ISSUED UNDER THE PROVISIONS OF THIS
SUBTITLE MAY BE SECURED BY A TRUST AGREEMENT BY AND BETWEEN
THE AUTHORITY, A PARTICIPATING INSTITUTION, AND A CORPORATE
TRUSTEE OR TRUSTEES, WHICH MAY BE ANY TRUST COMPANY OR BANK
HAVING THE POWERS OF A TRUST COMPANY WITHIN OR. WITHOUT THE
STATE.

(2)  ANY TRUST AGREEMENT OR BOND RESOLUTION MAY:

(I)  PLEDGE OR ASSIGN ANY REVENUES TO BE
RECEIVED BY THE AUTHORITY OR PROCEEDS OR BENEFITS OF ANY
CONTRACT AND MAY SERVE TO CONVEY OR MORTGAGE OR OTHERWISE
SECURE ANY PROPERTY OR PROPERTY RIGHTS;

(II)  CONTAIN PROVISIONS FOR PROTECTING AND
ENFORCING THE RIGHTS AND REMEDIES OF BONDHOLDERS;

(III)  RESTRICT THE INDIVIDUAL RIGHT OF
ACTION BY BONDHOLDERS; AND

(IV)  CONTAIN SUCH OTHER PROVISIONS AS THE
AUTHORITY DEEMS APPROPRIATE.

(3)  ANY EXPENSE INCURRED IN CARRYING OUT THE
PROVISIONS OF THE TRUST AGREEMENT MAY BE TREATED AS A PART
OF THE COST OF THE OPERATION OF AN EDUCATION LOAN PROGRAM.

18-1311. RATES AND FEES; PLEDGE.

(A) (1) THE AUTHORITY MAY FIX, REVISE, CHARGE, AND
COLLECT FEES AND CHARGES FOR ITS SERVICES AND OPERATIONS AND
MAY CONTRACT WITH. ANY PERSON IN CONNECTION THEREWITH WITHOUT
SUPERVISION OR REGULATION BY ANY UNIT OF STATE GOVERNMENT.

(2) ANY AGREEMENT ENTERED INTO BY THE AUTHORITY
WITH AN INSTITUTION SHALL PROVIDE THAT THE FEES AND OTHER
AMOUNTS PAYABLE BY THE INSTITUTION WITH RESPECT TO ANY
PROGRAM OF THE AUTHORITY SHALL BE SUFFICIENT AT ALL TIMES:

(I)  TO PAY ITS SHARE OF THE ADMINISTRATIVE
COSTS AND EXPENSES OF THE AUTHORITY;

(II)  TO PAY WHEN DUE THE PRINCIPAL OF AND
THE INTEREST ON ITS SHARE OF OUTSTANDING BONDS OF THE
AUTHORITY ISSUED IN RESPECT OF THE PROGRAM AND THE
REDEMPTION PRICE OR PURCHASE PRICE OF ANY BONDS TO BE
RETIRED BY CALL OR PURCHASE, TO THE EXTENT THAT OTHER
REVENUES OF THE AUTHORITY PLEDGED FOR THE PAYMENT OF THE
BONDS MAY NOT BE SUFFICIENT FOR THAT PURPOSE;

(III)  TO CREATE AND MAINTAIN RESERVES
WHICH MAY, BUT NEED NOT BE, REQUIRED OR PROVIDED FOR IN A
BOND RESOLUTION; AND