Ch. 400

1993 LAWS OF MARYLAND

(3)     Limitations on the purpose to which or the investments in which the
proceeds of sale of any issue of bonds may be applied and restrictions to investment of
revenues or bond proceeds in government obligations for which principal and interest are
unconditionally guaranteed by the United States of America;

(4)     Limitations on the issuance of additional bonds, the terms upon which
additional bonds may be issued and secured, the terms upon which additional bonds may
rank on a parity with, or be subordinate or superior to, other bonds;

(5)     The refunding or refinancing of outstanding bonds;

(6)     The procedure', if any, by which the terms of any contract with
bondholders may be altered or amended and the amount of bonds the holders of which
must consent thereto, and the manner in which consent shall be given;

(7)     Defining the acts or omissions which shall constitute a default in the
duties of the Authority to holders' of bonds and providing the rights or remedies of such
holders in the event of a default which may include provisions restricting individual right
of action by bondholders;                                                                               

(8)     Providing for guarantees, pledges of property, letters of credit, or other
security, or insurance for the benefit of bondholders; and

(9)     Any other matter relating to the bonds which the Authority determines
appropriate.                                                                               

(c)     No member of the Authority nor any person executing the bonds shall be
liable personally on the bonds or subject to any personal liability by reason of the issuance
of the bonds.                                                                                                       

(d)     The Authority may enter into agreements with agents, banks, insurers, or
others for the purpose of enhancing the marketability of, or as security for, its bonds.

(e)     (1) A pledge by the Authority of revenues as security for an issue of bonds
shall be valid and binding from the time when the pledge is made.

(2)     The revenues pledged shall immediately be subject to the lien of the
pledge without any physical delivery or further act, and the lien of any pledge shall be
valid and binding against any person having any claim of any kind in tort, contract or
otherwise against the Authority, irrespective of whether the person has notice.

(3)     No resolution, trust agreement or financing statement, continuation
statement, or other instrument adopted or entered into by the Authority need be filed or
recorded in any public record other than the records of the Authority in order to perfect
the lien against third persons, regardless of any. contrary provision of public general or
public local law.

(f)      Except to the extent restricted by an applicable resolution or trust agreement,
any holder of bonds issued under this subtitle or a trustee acting under a trust agreement
entered into under this subtitle, may, by any suitable form of legal proceedings, protect
and enforce any rights granted under the laws of Maryland or by any applicable resolution
or trust agreement.

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