Ch. 311                                    LAWS OF MARYLAND

the rights of holders, and covenants setting forth duties of or
restrictions on the Administration;

(3)  Provisions appointing one or more trust companies
or banks with trust powers to act as depositaries of the proceeds
of any bonds or notes, or of any revenues or funds of the
Administration. Any depositary bank or trust company incorporated
in [Maryland] THE STATE may furnish indemnifying bonds or pledge
securities, as required by the Administration;

(4)  Provisions as to custody, safeguarding,
application, and investment of funds, of the Administration. The
manner of and restrictions on investment of funds shall be as the
Administration provides, notwithstanding Article 95, § 22 of the
Code and §§ 6-202, 6-205, 6-206, 6-208, 6-209, and 6-210 of the
State Finance and Procurement Article, which do not apply to
banks or trust companies in the discharge of duties under this
section;

(5)  Provisions establishing and controlling all
aspects of reserve funds, including debt service reserve funds;

(6)  Provisions for funding or refunding, bonds or
notes, including redemption premiums and interest;

(7)  Any other provisions deemed reasonable and proper
for the security of bondholders or noteholders.

(m) The interest rate or rates on and the terms of any
loans and the revenues from and the terms of any other assets
that are financed from the proceeds of bonds or notes of the
Administration, together with any fees charged, by the
Administration and any other available revenues, shall be at
least sufficient to assure repayment in full of the principal of
and interest on such bonds or notes as and when due. Any pledge
made by the Administration is valid and binding from the time the
pledge is made. The lien of the pledge attaches immediately to
revenues or property so pledged and thereafter received by the
Administration, without any physical delivery or further act, and
is valid and binding against all persons having claims of any
kind against the Administration, irrespective of whether those
persons have notice of the pledge, and without recording or
filing the determination or any other instrument.

(n) The Administration, subject to any existing agreements
with noteholders or bondholders, shall have power to purchase
notes or bonds of the Administration out of any funds available
therefor. The notes or bonds shall thereupon be cancelled, at a
price not exceeding:

(1) If the notes or bonds are then redeemable, the
redemption price then applicable plus accrued interest to the
next interest payment date thereon, or

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