Ch. 204                                LAWS OF MARYLAND

much as may be necessary, to the payment of the principal of and
interest on the revenue bonds.

SECTION 6. AND BE IT FURTHER ENACTED, That the County
Commissioners of Calvert County may enter into a trust agreement
with any trust company or bank haying the powers of a trust
company in order to secure the revenue bonds through a pledge or
assignment of revenues to be received by the County Commissioners
of Calvert County to pay the principal of and interest on the
revenue bonds. As additional security for the payment of the
principal of and interest on the revenue bonds, the County
Commissioners of Calvert County may convey or assign any real or
personal property financed or refinanced out of the proceeds of
the sale of the revenue bonds. Such pledge, conveyance, or
assignment shall be valid and binding against any person having a
claim of any kind against the County Commissioners of Calvert
County, irrespective of whether the person has notice.

SECTION 7. AND BE IT FURTHER ENACTED, That revenue bonds
issued by the County Commissioners of Calvert County and the
interest on them are limited obligations of Calvert County, the
principal of and interest on which are payable solely from rents
or other revenues derived from the real property, and
improvements thereon, constructed, equipped, and leased by the
County Commissioners of Calvert County, from any other funds made
available to the County Commissioners of Calvert County for such
purpose, and, in the event the trustee under the trust agreement
securing such revenue bonds holds any additional security for the
payment of the principal of and interest on the revenue bonds,
from the proceeds of such security. Neither the revenue bonds
issued by the County Commissioners of Calvert County nor the
interest on them shall ever constitute an indebtedness or a
charge against the general credit of Calvert County or the
general credit or taxing power of the County Commissioners of
Calvert County within the meaning of any constitutional or
statutory limitation and neither shall ever constitute or give
rise to any pecuniary liability of the County Commissioners of
Calvert County.

SECTION 8. AND BE IT FURTHER ENACTED, That this Act shall

take effect June 1, 1987.

SECTION 8. AND BE IT FURTHER ENACTED, That this Act is
declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
all the members elected to each of the two Houses of the General
Assembly, it shall take effect from the date of its passage.

- 992 -