Ch. 815                                       LAWS OF MARYLAND

due, (2) the principal of the bonds OR NOTES as it falls due, (3)
the necessary charges of paying agents for paying principal and
interest, and (4) the redemption price or purchase price of bonds
OR NOTES retired by call or purchase as provided in the
resolution or trust agreement. Any amounts set aside in the
sinking fund which are not needed to provide for the payment of
items (1), (2), (3), and (4) may be used for any other lawful
purpose to the extent provided in the resolution or trust
agreement. The pledge is valid and binding from the time it is
made. The rentals, rates, fees, and other charges, revenues or
other money pledged and thereafter received by the Service
immediately shall be subject to the lien of the pledge without
any physical delivery thereof or further act, and the lien of the
pledge is valid and binding as against all parties having any
claims of any kind in tort, contract, or otherwise against the
Service, irrespective of whether the parties have notice thereof.
Neither the resolution nor any trust agreement by which a pledge
is created need be filed or recorded except in the records of the
Service, any public general or public local law to the contrary
notwithstanding. The use and disposition of money to the credit
of the sinking fund are subject to the provisions of the
resolution authorizing the issuance of the bonds OR NOTES or of
the trust agreement.

[3-120.] 3-119.

All money received by the Service as proceeds from the sale
of bonds or notes and all money received or by way of those
rentals, rates, fees, or other charges or revenues, or portion
thereof, from any project, or any continuation of projects and
which are designated by any authorizing resolution or trust
agreement as security for bonds OR NOTES shall be deemed to be
trust funds to be held and applied solely as provided by the
provisions of this subtitle and in the resolution authorizing the
issuance of bonds or notes or the trust agreement securing the
bonds OR NOTES.

[3-121.] 3-120.

Any holder of bonds or notes issued under this subtitle or
of any of the coupons thereto appertaining, and the trustee,
except to the extent the rights herein given may be restricted by
the trust agreement, either at law or in equity, by suit, action,
mandamus or other proceedings, may protect and enforce any and
all rights under the laws of the State or granted hereunder, or
in the resolution authorizing the issuance of the bonds or notes,
or under the trust agreement, and may enforce and compel the
performance of all duties required by this subtitle, or in the
resolution authorizing the issuance of the bonds or notes, or by
the trust agreement, to be performed by the Service, or by any
officer thereof, including the fixing, charging, and collecting
of rentals and other rates, fees, and charges for the use of the
projects.

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