2652

LAWS OF MARYLAND

Ch. 704

(D)  (1) THE AUTHORITY MAY PURCHASE ITS BONDS OUT OF ANY
AVAILABLE FUNDS AND MAY HOLD, PLEDGE, CANCEL, OR RESELL THE BONDS
SUBJECT TO AND IN ACCORDANCE WITH AGREEMENTS WITH BONDHOLDERS.

(2) THE AUTHORITY MAY REFUND OR REFINANCE ANY OF ITS
BONDS.

(E)  THE AUTHORITY MAY ISSUE BONDS FOR THE PURPOSE OF
PURCHASING LOANS FROM FINANCIAL INSTITUTIONS WHICH PARTICIPATE IN
THE FEDERAL GOVERNMENT'S GUARANTEED LOAN PROGRAM, AS LONG AS SUCH
ACTIVITIES CONFORM TO APPLICABLE FEDERAL GUIDELINES.

31-109.

(A) (1) ANY BONDS ISSUED UNDER THE PROVISIONS OF THIS
SUBTITLE MAY BE SECURED BY A TRUST AGREEMENT BY AND BETWEEN THE
AUTHORITY, A CORPORATE TRUSTEE OR TRUSTEES, WHICH MAY BE ANY
TRUST COMPANY OR BANK HAVING THE POWERS OF A TRUST COMPANY WITHIN
OR WITHOUT THE STATE, AND OTHER PERSONS, AS APPROPRIATE.

(2)  ANY TRUST AGREEMENT OR BOND RESOLUTION MAY:

(I)  PLEDGE OR ASSIGN ANY REVENUES TO BE
RECEIVED BY THE AUTHORITY OR PROCEEDS OR BENEFITS OF ANY CONTRACT
AND MAY SERVE TO CONVEY OR MORTGAGE OR OTHERWISE SECURE ANY
PROPERTY OR PROPERTY RIGHTS;

(II)  CONTAIN PROVISIONS FOR PROTECTING AND
ENFORCING THE RIGHTS AND REMEDIES OF BONDHOLDERS;

(III)  RESTRICT THE INDIVIDUAL RIGHTS OF ACTIONS
BY BONDHOLDERS; AND

(IV)  CONTAIN SUCH OTHER PROVISIONS AS THE
AUTHORITY DEEMS APPROPRIATE.

(3)  ANY EXPENSE INCURRED IN CARRYING OUT THE
PROVISIONS OF THE TRUST AGREEMENT MAY BE TREATED AS A PART OF THE
COST OF THE OPERATION OF AN EDUCATION LOAN PROGRAM.

31-110.

(A)  THE AUTHORITY MAY FIX, REVISE, CHARGE, AND COLLECT FEES
AND CHARGES FOR ITS SERVICES AND OPERATIONS AND MAY CONTRACT WITH
ANY PERSON IN CONNECTION THEREWITH WITHOUT SUPERVISION OR
REGULATION BY THE COUNCIL OR THE COUNTY EXECUTIVE OR ANY OTHER
DEPARTMENT, BOARD, AGENT, OR AGENCY OF THE COUNTY OR ANY UNIT OF
STATE GOVERNMENT AND WITHOUT REGARD TO ANY PROVISION OF LAW OTHER
THAN THE PROVISIONS OF THIS SUBTITLE ; .

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