3790

LAWS OF MARYLAND

Ch. 727

(i) Revenue bonds issued under this
subtitle if the trust agreement or bond authorizing
resolution expressly provides that this section does not
apply to those bonds; or

(ii) Revenue bonds of prior issues.

(2) The Transportation Authority Fund shall be
pledged to and charged with the payment of:

(i) The interest on bonds issued under
this subtitle as it 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 bond authorizing resolution or trust agreement.

(b)  (1) The pledge is valid and binding from the time
it is made.

(2)  Rentals, rates, fees, tolls, and other
charges and revenues or other money so pledged and later
received by the Authority immediately shall be subject to
the lien of the pledge without physical delivery or any
further act.

(3)  The lien of the pledge is valid and binding
as against all parties having any claims of any kind in
tort, contract, or otherwise against the Authority, whether
or not these parties have notice of the pledge.

(4)  Notwithstanding any law to the contrary,
neither the resolution nor any trust agreement by which a
pledge is created need be filed or recorded other than in
the records of the Authority.

(c)  (1) Any amount set aside in the Transportation
Authority Fund that is not needed to provide for the payment
of the items specified in subsection (a)(2) and (b) of this
section may be transferred, upon the recommendation of the
Secretary and after the approval of the Board of Public
Works, to the Transportation Trust Fund to be used for any
other lawful purpose AS APPROPRIATED BY THE GENERAL ASSEMBLY
FOR SPECIFIED PURPOSES unless prohibited by any applicable
resolution or trust agreement.

(2) The use and disposition of money to the
credit of the Transportation Authority Fund is subject to
the provision of the applicable bond authorizing resolution
or trust agreement.