WILLIAM DONALD SCHAEFER, Governor                   Ch. 683

LIMITATION, OPERATING AND MAINTENANCE EXPENSES, UNLESS THE
COMMISSION AUTHORIZES THE USE OF FUNDS DERIVED FROM A SOURCE
OTHER THAN SUCH FACILITY OR FACILITIES AVAILABLE TO IT FOR
PAYMENT OF SUCH OTHER EXPENSES. THE COMMISSION MAY ENTER INTO
SUCH COVENANTS WITH RESPECT TO THE FIXING OF ANY SUCH FEES,
RATES, RENTALS OR OTHER CHARGES AND THE COLLECTION AND
APPLICATION THEREOF AS IT MAY DEEM REQUISITE IN ORDER TO MARKET
ANY OF ITS BONDS TO BE ISSUED UNDER THIS SUBSECTION.

(4) THE COMMISSION MAY DETERMINE ANY AND ALL MATTERS
RELATING TO THE FORM, TERMS AND CONDITIONS, ISSUANCE, SALE AND
DELIVERY OF ANY OBLIGATIONS ISSUED UNDER THIS SUBSECTION,
INCLUDING, WITHOUT LIMITATION, THE INTEREST RATE OR RATES TO BE
BORNE BY SUCH OBLIGATIONS, OR THE METHOD OF DETERMINING SUCH RATE
OR RATES, THE MATURITY DATE OR DATES THEREOF, ANY PROVISIONS FOR
REDEMPTION PRIOR TO MATURITY, THE PRICE OR PRICES AT WHICH SUCH
OBLIGATIONS ARE TO BE SOLD, WHICH MAY BE ABOVE OR BELOW THE PAR
VALUE THEREOF, AND THE SECURITY FOR SUCH OBLIGATIONS. SUCH
OBLIGATIONS MAY BE SOLD AT PUBLIC OR AT PRIVATE SALE, AS THE
COMMISSION MAY DETERMINE. SUCH OBLIGATIONS ARE NEGOTIABLE
INSTRUMENTS UNDER MARYLAND LAW, NOTWITHSTANDING ANY OTHER
PROVISIONS OF THE CODE OR ANY RECITALS IN ANY INSTRUMENTS
CREATING ANY SUCH OBLIGATION. SUCH OBLIGATIONS SHALL BE EXECUTED
ON BEHALF OF THE COMMISSION BY THE MANUAL OR FACSIMILE SIGNATURE
OF ITS CHAIRMAN AND SHALL BE ATTESTED BY ITS SECRETARY-TREASURER,
AND THE SEAL OF THE COMMISSION SHALL BE IMPRESSED OR IMPRINTED
THEREON. SUCH OBLIGATIONS SHALL BE VALID NOTWITHSTANDING THE
FACT THAT ANY OFFICER OF THE COMMISSION SIGNING THE SAME SHALL
CEASE TO BE SUCH OFFICER PRIOR TO THE DELIVERY OF SUCH
OBLIGATIONS.

(5) FOR THE PURPOSE OF SECURING THE PAYMENT OF THE
PRINCIPAL OF AND INTEREST ON ANY OBLIGATIONS ISSUED UNDER THIS
SUBSECTION, THE COMMISSION MAY ENTER INTO A TRUST AGREEMENT WITH
ANY BANK HAVING TRUST POWERS, OR WITH A TRUST COMPANY, LOCATED
WITHIN OR OUTSIDE THE STATE OF MARYLAND AND DESIGNATED AS TRUSTEE
UNDER SUCH TRUST AGREEMENT. ANY SUCH TRUST AGREEMENT MAY PROVIDE
FOR THE DEPOSIT WITH THE TRUSTEE OF THE PROCEEDS OF SALE OF THE
OBLIGATIONS SECURED THEREBY AND THE APPLICATION OF THE PROCEEDS
TO PAYMENT OF THE COST OF THE FACILITY OR FACILITIES FINANCED BY
SUCH OBLIGATIONS. THE COMMISSION MAY ENTER INTO APPROPRIATE
COVENANTS IN THE TRUST AGREEMENT CONCERNING THE FIXING OF FEES,
CHARGES AND RENTALS FOR THE USE AND ENJOYMENT OF ANY FACILITY,
THE PAYMENT OF GROSS OR NET REVENUES FROM SUCH FACILITY AND OTHER
FUNDS PLEDGED AS AUTHORIZED BY THIS SUBSECTION TO THE TRUSTEE,
THE APPLICATION OF SUCH PAYMENTS BY THE TRUSTEE TO THE PAYMENT OF
THE PRINCIPAL OF AND INTEREST ON THE OBLIGATIONS SECURED BY THE
TRUST AGREEMENT, AND THE ESTABLISHMENT AND MAINTENANCE OF
RESERVES OR A SINKING FUND THEREFOR. ANY SUCH TRUST AGREEMENT
MAY CONTAIN A PLEDGE OF, AND CONSTITUTE A LIEN ON, THE REVENUES
AND FUNDS PLEDGED BY THE COMMISSION FOR THE PAYMENT OF
OBLIGATIONS ISSUED UNDER THIS SUBSECTION, INCLUDING, WITHOUT
LIMITATIONS, A PLEDGE OF AND A LIEN ON THE PROCEEDS OF SALE OF

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