Ch. 311                                    LAWS OF MARYLAND

satisfied and carried out, any balance of such proceeds and
interest, income, and profits, if any, earned or realized on the
investments thereof may be returned to the Corporation for use by
it in any lawful manner.

(4) The portion of the proceeds of any of its bonds
issued for the additional purpose of paying all or any part of
the cost of a project may be invested and reinvested in
obligations of or guaranteed by the United States of America, or
in certificates of deposit or time deposits secured by
obligations of or guaranteed by the United States of America,
maturing not later than the time or times when such proceeds will
be needed for the purpose of paying all or any part of such cost.
The interest, income, and profits, if any, earned or realized on
such investment may be applied to the payment of all or any part
of such cost or may be used by the Corporation in any lawful
manner.

(i) The Corporation may pledge or assign all or any portion
of its revenues, its rights to receive them, or moneys and
securities in the funds and accounts established to secure its
bonds and any lien or security interest granted or assignment
made by the Corporation. Any pledge or assignment shall be valid
and binding against any person having a claim of any kind against
the Corporation, in contract, tort, or otherwise, irrespective of
whether the person has notice and shall be prior to such claim.
No resolution, trust indenture, assignment, financing agreement,
or other instrument creating a lien on, security interest in, or
assignment of any revenues, its rights to receive revenues or
moneys and securities in the funds and accounts pledged to bonds
of the Corporation need be filed or recorded except in the
records of the Corporation.

(j) The Corporation may lend or otherwise make available
the proceeds of its bonds to any person in order to finance or
refinance the costs of any project, and may enter into such
financing agreements, mortgages, and other instruments as it may
determine to be necessary or desirable to evidence or secure such
loan. If any project is leased to any person, the lease may
provide that upon the payment of the bonds that financed or
refinanced the cost of the project and interest thereon (or
provision for such payment satisfactory to the Corporation), the
lessee or another person may or shall purchase or otherwise
acquire the project for such consideration, which may be nominal,
as may be established by the Corporation.

(k) (1) At the discretion of the Corporation, the bonds may
be secured by a trust indenture by and between the Corporation
and corporate trustee, which may be any trust company or bank
having the powers of a trust company within or outside of the
State. Either the resolution providing for the issuance of bonds
or the trust indenture may contain provisions for protecting and
enforcing the rights and remedies of the bondholders, including

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