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S.B. 330 VETOES
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outside of the State. Such trust indenture may pledge or assign revenues to be
received from the development or project, but it shall not convey or mortgage the
development or project or any part or parts thereof except with the express consent of
the Board of Public Works. The trust indenture may provide that any money realized
from the sale or the disposition of any of the land, buildings, structures, facilities,
equipment and other property of a development or project may be used to pay the
interest on and principal of the revenue bonds. Either the resolution providing for the
issuance of bonds or the trust indenture may contain provisions for protecting and
enforcing the rights and remedies of the bondholders as reasonable and proper, not in
violation of law, including covenants setting forth the duties of the Authority in
relation to the construction, acquisition, improvement, installation, maintenance,
operation, repairs, and insurance of the development or project and the custody,
safeguarding, and application of all moneys[; and may provide that the development
or project be constructed and paid for under the supervision and approval of
consulting engineers employed or designated by the Authority and satisfactory to the
original purchasers of the bonds issued hereunder; and may further provide that the
security given by contractors and by any depositary of the proceeds of the bonds or
revenues of the development or project or other moneys pertaining thereto be
satisfactory to the purchasers]. It shall be lawful for any bank or trust company
incorporated under the laws of this State to act as depositary of the proceeds of the
bonds or revenue and to furnish such indemnity bonds or to pledge such securities as
may be required by the Authority.
The resolution or trust indenture may set forth the rights and remedies of the
bondholders and of the trustee, and may restrict the individual right of action of
bondholders as is customary in trust indentures securing bonds and debentures of
corporations. Except as in this subtitle otherwise provided, the Authority may provide
by resolution or by the trust indenture for the payment DEPOSIT of the proceeds of the
sale of the bonds and the revenue of a development or project to such officer, board, or
depositary as it determines for the custody thereof, and for the method of
disbursement thereof, with such safeguards and restrictions as it determines. All
expenses incurred in carrying out such trust indenture may be treated as a part of the
cost of maintenance, operation and repair of a development or project.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2006.
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May 26, 2006
The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis, MD 21401
Dear Mr. President:
In accordance with Article II, Section 17 of the Maryland Constitution, today I have
vetoed Senate Bill 330 - State Treasurer - Authorized Investments - Commercial
Paper.
- 3014 -
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