1556                                             LAWS OF MARYLAND                                         Ch. 416

BY repealing and reenacting, with amendments,

The Public Local Laws of St. Mary's County

Section 26-18 I. and K.

Article 19 - Public Local Laws of Maryland

(1978 Edition and July, 1985 Supplement, as amended)

BY adding to

The Public Local Laws of St. Mary's County

Section 26-18 R.

Article 19 - Public Local Laws of Maryland

(1978 Edition and July, 1985 Supplement, as amended)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That the Laws of Maryland read as follows:

Article 19 - St. Mary's County

26-18.

I. The Commission may enter into a trust agreement with any
trust company or bank having the powers of a trust company in
order to secure the bonds through a pledge or assignment of
revenues to be received by the Commission to pay the principal
of, premium (if any) and interest on the bonds[, which]. AS

ADDITIONAL SECURITY FOR THE PAYMENT OF THE PRINCIPAL OF, PREMIUM
(IF ANY) ON, AND INTEREST ON THE BONDS, THE COMMISSION MAY CONVEY
OR ASSIGN ANY REAL OR PERSONAL PROPERTY FINANCED OR REFINANCED
OUT OF THE PROCEEDS OF THE SALE OF THE BONDS. SUCH pledge,
CONVEYANCE, or assignment shall be valid and binding against any
person having a claim of any kind against the Commission,
irrespective of whether the person has notice.

K. Bonds issued by the Commission and the interest on them
are limited obligations of the Commission, the principal of,
premium (if any) and interest on which are payable solely from
rents or other revenues derived from the real property, and
improvements thereon, acquired, constructed, reconstructed,
renovated, rehabilitated, expanded, equipped, or leased by the
Commission pursuant to this section [and], from any other funds
made available to the Commission for such purpose AND, IN THE

EVENT THE TRUSTEE UNDER THE TRUST AGREEMENT. SECURING SUCH BONDS
HOLDS ANY ADDITIONAL SECURITY FOR THE PAYMENT OF THE PRINCIPAL
OF, PREMIUM (IF ANY) ON, AND INTEREST ON THE BONDS, FROM THE

PROCEEDS OF SUCH SECURITY. Neither the bonds issued by the
Commission nor the interest on them shall ever constitute an
indebtedness or a charge against the general credit of the
Commission or the general credit or taxing power of the County
Commissioners of St. Mary's County within the meaning of any
constitutional or statutory limitation and neither shall ever
constitute or give rise to any pecuniary liability of the
Commission or the County Commissioners of St. Mary's County,

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