Ch. 815                                       LAWS OF MARYLAND

(II)  ANY PROPERTY PLEDGED OR MORTGAGED AS
SECURITY FOR SUCH BONDS OR NOTES; OR

(III)  ANY OTHER SOURCES DESIGNATED BY THE
SERVICE. THE AUTHORIZING RESOLUTION MAY MAKE PROVISION FOR THE
ISSUANCE OF SUCH BONDS OR NOTES IN SERIES AS FUNDS ARE REQUIRED.
THE ISSUANCE OF BONDS OR NOTES AND THE DETAILS OF THE ISSUANCE,
THE RIGHTS OF THE HOLDERS OF THE BONDS OR NOTES, AND THE RIGHTS,
DUTIES, AND OBLIGATIONS OF THE SERVICE OF THE BONDS AND NOTES
SHALL BE GOVERNED BY THE PROVISIONS OF THIS SUBTITLE RELATING TO
BONDS INSOFAR AS THOSE PROVISIONS ARE APPLICABLE. THE SERVICE
MAY MAKE OR APPROVE SUCH PROVISIONS IN CONNECTION WITH THE
ISSUANCE OF THE BONDS OR NOTES AUTHORIZED BY THIS SUBSECTION,
INCLUDING THE SECURITY FOR SUCH BONDS OR NOTES, THE PRIORITY OF
THE BONDS OR NOTES WITH REGARD TO SUCH SECURITY (WHICH PRIORITY
MAY BE SENIOR, OR SUBORDINATED TO, OR ON A PARITY WITH, OTHER
OBLIGATIONS) AS THE SERVICE MAY DEEM NECESSARY OR APPROPRIATE TO
EFFECTUATE THE ACQUISITION, CONSTRUCTION, OR PROVISION OF A
PROJECT BY ANY PERSON OR MUNICIPALITY. HOWEVER, THE SERVICE DOES
NOT HAVE POWER TO TAKE ANY ACTION IN CONNECTION WITH THE ISSUANCE
OF BONDS OR NOTES PURSUANT TO THIS PARAGRAPH WHICH WOULD CREATE
ANY OBLIGATION ON THE PART OF ANY MUNICIPALITY WITHOUT THE
CONSENT OF THE MUNICIPALITY TO THE OBLIGATION.

[3-118.] 3-117.

(a) Bonds AND NOTES authorized to be issued under the
provisions of this subtitle by resolution of the board of
directors may be secured by a trust agreement by and between the
Service and a corporate trustee, which may be any trust company,
or bank having trust powers, within or without the State. The
trust agreement, or the authorizing resolution, may pledge or
assign all or any part of the revenues of the Service or of any
project or other available funds of the Service or pledge,
convey, or assign any one or more facilities or properties [to be
constructed or acquired with the proceeds of the bonds]. Any
trust agreement or resolution authorizing the issuance of bonds
OR NOTES may contain the provisions for the protection and
enforcement of the rights and remedies of the bondholders deemed
reasonable and proper, including covenants setting forth the
duties of the Service in relation to the acquisition or
construction of any project, the extension, enlargement,
improvement, maintenance, operation, repair, and insurance of any
project and the custody, safeguarding, and application of money
and may contain provisions for the employment of consulting
engineers in connection with the construction or operation of any
project. It is lawful for any bank or trust company incorporated
under the laws of the State which may act as a depositary of the
proceeds of the bonds OR NOTES or of revenues to furnish
indemnifying bonds or to pledge securities as may be required by
the board of directors. The trust agreement may set forth the
rights and remedies of the bondholders and of the trustee and may
restrict the individual right of action by bondholders. In

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