Ch. 544                                         1993 LAWS OF MARYLAND

(4)      LIMIT THE ISSUANCE OF ADDITIONAL BONDS AND SPECIFY THE
TERMS ON WHICH ADDITIONAL BONDS MAY BE ISSUED, SECURED, AND RANK ON
PARITY WITH, OR BE SUBORDINATE OR SUPERIOR TO, OTHER BONDS;

(5)      REFUND OR REFINANCE OUTSTANDING BONDS;

(6)      ESTABLISH ANY PROCEDURE CONCERNING THE MANNER IN WHICH
THE TERMS OF ANY CONTRACT WITH BONDHOLDERS MAY BE ALTERED OR
AMENDED, THE AMOUNT OF BONDS TO WHICH THE HOLDERS MUST CONSENT, AND
THE MANNER IN WHICH THE HOLDERS MUST CONSENT;

(7)      DEFINE THE ACTS OR OMISSIONS THAT CONSTITUTE A DEFAULT IN
THE DUTIES OF THE AUTHORITY TO HOLDERS OF BONDS AND PROVIDE THE RIGHTS
AND REMEDIES OF THE HOLDERS IN THE EVENT OF A DEFAULT, WHICH MAY
INCLUDE PROVISIONS THAT RESTRICT INDIVIDUAL RIGHT OF ACTION BY
BONDHOLDERS;

(8)       PROVIDE FOR GUARANTEES, PLEDGES OF PROPERTY, LETTERS OF
CREDIT, OR OTHER SECURITY, OR INSURANCE FOR THE BENEFIT OF
BONDHOLDERS; AND

(9) PROVIDE FOR ANY OTHER MATTER RELATING TO THE BONDS THAT
THE AUTHORITY DEEMS APPROPRIATE.

        (B) ANY PROVISIONS UNDER SUBSECTION (A) OF THIS SECTION THAT THE
AUTHORITY INCLUDES IN A RESOLUTION OR TRUST AGREEMENT SHALL BE PART
OF THE CONTRACT WITH THE HOLDERS OF THE BONDS.

13-1022.

(A)     A PLEDGE BY THE AUTHORITY OF REVENUES AS SECURITY FOR AN ISSUE
OF BONDS SHALL BE VALID AND BINDING FROM THE TIME WHEN THE DOCUMENTS
EVIDENCING THE PLEDGE IS MADE ARE EXECUTED BY THE AUTHORITY.

(B)      (1) THE REVENUES THAT THE AUTHORITY PLEDGES ARE
IMMEDIATELY SUBJECT TO THE LIEN OF THE PLEDGE WITHOUT ANY PHYSICAL
DELIVERY OR FURTHER ACT.

(2) THE LIEN OF ANY PLEDGE OF REVENUE IS VALID AND BINDING
AGAINST ANY PERSON WHO HAS ANY CLAIM IN TORT, CONTRACT, OR OTHERWISE
AGAINST THE AUTHORITY, WHETHER OR NOT THE PERSON HAS NOTICE.

(C)      NOTWITHSTANDING ANY PUBLIC GENERAL OR PUBLIC LOCAL LAW, IN
ORDER TO PERFECT THE LIEN ON THE REVENUE PLEDGED BY THE AUTHORITY
AGAINST THIRD PERSONS, A RESOLUTION, TRUST AGREEMENT OR FINANCING
STATEMENT, CONTINUATION STATEMENT, OR OTHER INSTRUMENT THAT THE
AUTHORITY ADOPTS OR ENTERS INTO NEED NOT BE FILED OR RECORDED IN ANY
PUBLIC RECORD OTHER THAN THE RECORDS OF THE AUTHORITY.

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