WILLIAM DONALD SCHAEFER, Governor

S.B. 893

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.

3-119.

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.

3-120.

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.

3-121.

Bonds and notes issued under this subtitle are securities in which all public officers
and public units of the State and its political subdivisions and all banks, trust companies,
savings and loan associations, investment companies, and others carrying on a banking
business, all insurance companies, insurance associations, and others carrying on an
insurance business, all personal representatives, guardians, trustees, and other
fiduciaries, and all other persons may legally and properly invest funds, including capital
in their control or belonging to them. The bonds and notes are securities which may
properly and legally be deposited with and received by any State or municipal officer or
any unit or political subdivision of the State for any purpose for which the deposit of
bonds or other obligations of the State is authorized by law.

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