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Session Laws, 1989
Volume 771, Page 2113   View pdf image
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WILLIAM DONALD SCHAEFER, Governor Ch. 219

(n) In the discretion of the Authority, the revenue bonds
may be secured by a trust indenture by and between the Authority
and a corporate trustee, which may be any trust company or bank
having the powers of a trust company within or outside of the
State. Such trust indenture may pledge or assign all revenues to
be received from the [market and the park] PROJECT, but it shall
not convey or mortgage the [market or the park] PROJECT or any
part or parts thereof except with the express consent of the
Board of Public Works. The trust indenture may provide that any
money realized from the sale or the disposition of any of the
land, buildings, structures, facilities, equipment and other
property of [the market or the park] A PROJECT may be used to pay
the interest on and principal of the revenue bonds. 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 as reasonable and proper,
not in violation of law, including covenants setting forth the
duties of the Authority in relation to the construction,
acquisition, improvement, installation, maintenance, operation,
repairs, and insurance of the [market and the park] PROJECT and
the custody, safeguarding, and application of all moneys; and may
provide that the [market and the park] PROJECT be constructed and
paid for under the supervision and approval of consulting
engineers employed or designated by the Authority and
satisfactory to the original purchasers of the bonds issued
hereunder; and may further provide that the security given by
contractors and by any depositary of the proceeds of the bonds or
revenues of the [market and the park] PROJECT or other moneys
pertaining thereto be satisfactory to the purchasers. It shall
be lawful for any bank or trust company incorporated under the
laws of this State to act as depositary of the proceeds of the
bonds or revenue and to furnish such indemnity bonds or to pledge
such securities as may be required by the Authority.

The resolution or trust indenture may set forth the rights
and remedies of the bondholders and of the trustee, and may
restrict the individual right of action of bondholders as is
customary in trust indentures securing bonds and debentures of
corporations. Except as in this subtitle otherwise provided, the
Authority may provide by resolution or by the trust indenture for
the payment of the proceeds of the sale of the bonds and the
revenue of [the market and the park] A PROJECT to such officer,
board, or depositary as it determines for the custody thereof,
and for the method of disbursement thereof, with such safeguards
and restrictions as it determines. All expenses incurred in
carrying out such trust indenture may be treated as a part of the
cost of maintenance, operation and repair of [the market or park]
A PROJECT.

13-112.

(a) The Authority may fix and revise from time to time,
rates or charges for the use of the facilities of [the market or

- 2113 -

 

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Session Laws, 1989
Volume 771, Page 2113   View pdf image
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