HARRY HUGHES, Governor

1173

(8)  PROVIDING FOR GUARANTEES, PLEDGES OF PROPERTY,
LETTERS OF CREDIT, OR OTHER SECURITY, OR INSURANCE FOR THE
BENEFIT OF BONDHOLDERS; AND

(9)  ANY OTHER MATTER RELATING TO THE BONDS WHICH THE
AUTHORITY DETERMINES APPROPRIATE.

(C)  NO MEMBER OF THE AUTHORITY NOR ANY PERSON EXECUTING THE
BONDS SHALL BE LIABLE PERSONALLY ON THE BONDS OR SUBJECT TO ANY
PERSONAL LIABILITY BY REASON OF THE ISSUANCE OF THE BONDS.

(D)  THE AUTHORITY MAY ENTER INTO AGREEMENTS WITH AGENTS,
BANKS, INSURERS, OR OTHERS FOR THE PURPOSE OF ENHANCING THE
MARKETABILITY OF OR AS SECURITY FOR ITS BONDS.

(E)  (1) A PLEDGE BY THE AUTHORITY OF REVENUES AS SECURITY
FOR AN ISSUE OF BONDS SHALL BE VALID AND BINDING FROM THE TIME
WHEN THE PLEDGE IS MADE.

(2)  THE REVENUES PLEDGED SHALL IMMEDIATELY BE SUBJECT
TO THE LIEN OF THE PLEDGE WITHOUT ANY PHYSICAL DELIVERY OR
FURTHER ACT, AND THE LIEN OF ANY PLEDGE SHALL BE VALID AND
BINDING AGAINST ANY PERSON HAVING ANY CLAIM OF ANY KIND IN TORT,
CONTRACT OR OTHERWISE AGAINST THE AUTHORITY, IRRESPECTIVE OF
WHETHER THE PERSON HAS NOTICE.

(3)  NO RESOLUTION, TRUST AGREEMENT OR FINANCING
STATEMENT, CONTINUATION STATEMENT, OR OTHER INSTRUMENT ADOPTED OR
ENTERED INTO BY THE AUTHORITY NEED BE FILED OR RECORDED IN ANY
PUBLIC RECORD OTHER THAN THE RECORDS OF THE AUTHORITY IN ORDER TO
PERFECT THE LIEN AGAINST THIRD PERSONS, REGARDLESS OF ANY
CONTRARY PROVISION OF PUBLIC GENERAL OR PUBLIC LOCAL LAW.

(F)  EXCEPT TO THE EXTENT RESTRICTED BY AN APPLICABLE
RESOLUTION OR TRUST AGREEMENT, ANY HOLDER OF BONDS ISSUED UNDER
THIS SUBTITLE OR A TRUSTEE ACTING UNDER A TRUST AGREEMENT ENTERED
INTO UNDER THIS SUBTITLE, MAY, BY ANY SUITABLE FORM OF LEGAL
PROCEEDINGS, PROTECT AND ENFORCE ANY RIGHTS GRANTED UNDER THE
LAWS OF MARYLAND OR BY ANY APPLICABLE RESOLUTION OR TRUST
AGREEMENT.

(G)  SUBJECT TO THE PRIOR APPROVAL OF THE BOARD OF PUBLIC
WORKS, THE AUTHORITY MAY ISSUE BONDS TO REFUND ANY OF ITS BONDS
THEN OUTSTANDING, INCLUDING THE PAYMENT OF ANY REDEMPTION PREMIUM
AND ANY INTEREST ACCRUED OR TO ACCRUE TO THE EARLIEST OR ANY
SUBSEQUENT DATE OF REDEMPTION, PURCHASE OR MATURITY OF THE BONDS.
REFUNDING BONDS MAY BE ISSUED FOR THE PUBLIC PURPOSES OF
REALIZING SAVINGS IN THE EFFECTIVE COSTS OF DEBT SERVICE,
DIRECTLY OR THROUGH A DEBT RESTRUCTURING, FOR ALLEVIATING
IMPENDING OR ACTUAL DEFAULT AND MAY BE ISSUED IN ONE OR MORE
SERIES IN AN AMOUNT IN EXCESS OF THAT OF THE BONDS TO BE
REFUNDED.

9-1213. 13-713.