1858

LAWS OF MARYLAND

Ch. 173

THAT THE AUTHORITY SHALL HOLD AND APPLY ONLY AS PROVIDED IN THIS
SUBTITLE.

(B) DESIGNATION OF TRUSTEES.

THE RESOLUTION OR TRUST AGREEMENT THAT PROVIDES FOR THE
ISSUANCE OF OR SECURES BONDS OF AN AUTHORITY SHALL PROVIDE THAT
ANY OFFICER TO WHOM, OR ANY BANK, TRUST COMPANY, OR OTHER FISCAL
AGENT TO WHICH, THE AUTHORITY PAYS ANY MONEY RECEIVED UNDER THIS
SUBTITLE SHALL:

(1)  ACT AS TRUSTEE OF THE MONEY; AND

(2)  HOLD AND APPLY THE MONEY:

(I)  FOR THE PURPOSES OF THIS SUBTITLE; AND

(II)  SUBJECT TO ANY PROVISION OF THE RESOLUTION
OR TRUST AGREEMENT.

REVISOR'S NOTE: This section is new language derived
without substantive change from former HE § 9-915.

SECTION 3. AND BE IT FURTHER ENACTED, That the revisor's
notes and catchlines contained in this Act are not law and may
not be considered to have been enacted as a part of this Act.

SECTION 4. AND BE IT FURTHER ENACTED, That nothing in this
Act affects the term of office of an appointed or elected member
of any water or sewer authority or department, board, commission,
committee, agency, or other unit. A person who is a member of a
water or sewer authority or other unit on the effective date of
this Act shall remain a member for the balance of the term to
which appointed or elected, unless the member sooner dies,
resigns, or is removed under provisions of law.

SECTION 5. AND BE IT FURTHER ENACTED, That except as
expressly provided to the contrary in this Act, any transaction
affected by or flowing from any change of nomenclature or any
statute there amended, repealed, or transferred, and validly
entered into before the effective date and every right, duty, or
interest flowing from the statute remains valid after the
effective date and may be terminated, completed, consummated, or
enforced as required or permitted by any statute amended,
repealed, or transferred by this Act as though the repeal,
amendment, or transfer had not occurred. If the change in
nomenclature involves a change in name or designation of any
State unit, the successor unit shall be considered in all
respects as having the powers and obligations granted the former
unit.