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Ch. 449
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1396
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LAWS OF MARYLAND
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from the facility which such revenue bonds were issued to
finance.
(7) For the purpose of securing the payment of the
principal of and interest on any revenue bonds issued under this
subsection, the Commission may enter into a trust agreement or
indenture with any bank having trust powers, or with a trust
company, located within or outside the State of Maryland and
designated as trustee under any such indenture. Any such
indenture may provide for the deposit with the trustee of the
proceeds of sale of the issue of revenue bonds secured thereby
and the application of the proceeds to payment of the cost of the
facility financed by the issue of bonds. The Commission may
enter into appropriate covenants in the indenture concerning the
fixing of fees, charges and rentals for the use and enjoyment of
any facility, the payment of gross or net revenues from such
facility, and other funds pledged as authorized by this
subsection, to the trustee and the application of the payments by
the trustee to the payment of the principal of and interest on
the bonds secured by the indenture, and the establishment and
maintenance of reserves or a sinking fund therefor. Any such
trust agreement or indenture may contain a pledge of, and
constitute a lien on, the revenues and funds pledged by the
Commission for the payment of an issue of revenue bonds, but that
trust agreement or indenture may not constitute a mortgage of, or
lien upon, the facility, the revenues from which are pledged
thereunder. However, any such trust agreement or indenture may
contain appropriate provisions for the protection of bondholders
in the event of a default by the Commission in the performance of
any of its covenants thereunder, including the right of the
trustee to sell any of the facilities at public or private sale
and the application of the proceeds of sale to the liquidation of
revenue bonds secured thereby. However, the Commission shall
first certify in writing to the trustee that the facilities are
no longer needed for public use.
(8) If deemed necessary by the Commission to the
advantageous marketing or sale of any revenue bonds issued under
this subsection, Prince George's County shall endorse on each
such bond its guarantee of the performance by the Commission of
its covenants contained in the bonds or in any such trust
agreement or indenture. The guaranty shall be in the following
form:
"Prince George's County unconditionally guarantees to the
holder of this bond that the covenants and agreements of the
Maryland-National Capital Park and Planning Commission contained
or referred to therein will be performed and fulfilled in
accordance with their terms."
(9) Each such guaranty shall be endorsed on behalf of
the county in the manner prescribed in this section for the
guaranty of the Commission's general obligation bonds.
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