HARRY HUGHES, Governor

2653

(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, ANY LENDING
INSTITUTION OR ANY PARTICIPATING INSTITUTION, IRRESPECTIVE OF
WHETHER THE PERSON HAS NOTICE.

(3)  NO BOND RESOLUTION, TRUST AGREEMENT, 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.

(C) (1) ALL MONEYS RECEIVED BY OR ON BEHALF OF THE
AUTHORITY UNDER THIS SUBTITLE, WHETHER AS PROCEEDS FROM THE SALE
OF BONDS OR AS REVENUES, SHALL BE DEEMED TO BE TRUST FUNDS TO BE
HELD AND APPLIED SOLELY AS PROVIDED IN THIS SUBTITLE.

(2) ANY OFFICER WITH WHOM, OR ANY BANK OR TRUST
COMPANY WITH WHICH, SUCH MONEYS ARE DEPOSITED SHALL ACT AS
TRUSTEE OF THE MONEYS AND SHALL HOLD AND APPLY THEM FOR THE
PURPOSES PROVIDED IN THIS SUBTITLE AND ANY APPLICABLE BOND
RESOLUTION OR TRUST AGREEMENT.

31-111.

EXCEPT TO THE EXTENT THAT THEIR RIGHTS ARE RESTRICTED BY ANY
APPLICABLE BOND RESOLUTION OR TRUST AGREEMENT, ANY HOLDER OF
BONDS ISSUED UNDER THIS SUBTITLE OR A TRUSTEE 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 BOND RESOLUTION
OR TRUST AGREEMENTS.

31-112.

(A) (1) THE AUTHORITY MAY ISSUE BONDS TO REFUND ANY BONDS
OF THE AUTHORITY 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.

(2) THE PROCEEDS OF ANY BONDS ISSUED FOR THE PURPOSE
OF REFUNDING OUTSTANDING BONDS MAY BE APPLIED TO THE PURCHASE OR
RETIREMENT AT MATURITY OR REDEMPTION OF OUTSTANDING BONDS EITHER
ON THEIR EARLIEST OR ANY SUBSEQUENT REDEMPTION DATE OR UPON THE
PURCHASE OR AT THE MATURITY THEREOF AND MAY, PENDING APPLICATION,