Ch. 494                                    1995 LAWS OF MARYLAND

PURCHASE AS THEREIN PROVIDED. SUCH PLEDGE SHALL BE VALID AND BINDING
FROM THE TIME WHEN THE PLEDGE IS MADE; THE TOLLS OR OTHER REVENUES OR
OTHER MONEYS SO PLEDGED AND THEREAFTER RECEIVED BY THE AUTHORITY
SHALL IMMEDIATELY BE SUBJECT TO THE LIEN OF SUCH PLEDGE WITHOUT ANY
PHYSICAL DELIVERY THEREOF OR FURTHER ACT, AND THE LIEN OF ANY SUCH
PLEDGE SHALL BE VALID AND BINDING AS AGAINST ALL PARTIES HAVING CLAIMS
OF ANY KIND IN TORT, CONTRACT, OR OTHERWISE AGAINST THE AUTHORITY,
IRRESPECTIVE OF WHETHER SUCH PARTIES HAVE NOTICE THEREOF. NEITHER THE
RESOLUTION NOR ANY TRUST INDENTURE BY WHICH A PLEDGE IS CREATED NEED
BE FILED OR RECORDED EXCEPT IN THE RECORDS OF THE AUTHORITY. THE USE
AND DISPOSITION OF MONEYS TO THE CREDIT OF SUCH SINKING FUND SHALL BE
SUBJECT TO THE PROVISIONS OF THE RESOLUTION AUTHORIZING THE ISSUANCE OF
SUCH BONDS OR OF SUCH TRUST INDENTURE. EXCEPT AS MAY OTHERWISE BE
PROVIDED IN SUCH RESOLUTION OR SUCH TRUST INDENTURE, SUCH SINKING FUND
SHALL BE A FUND FOR ALL SUCH BONDS WITHOUT DISTINCTION OR PRIORITY OF
ONE OVER ANOTHER.

IN THE EVENT THAT REVENUES GENERATED BY THE PROJECT ARE IN EXCESS
OF THAT REQUIRED TO MEET PAYMENTS UNDER ANY APPLICABLE TRUST
INDENTURE FOR THE PROJECT. THEN, UNLESS OTHERWISE APPROVED BY THE
GOVERNORS OF THE COMMONWEALTH OF VIRGINIA AND THE STATE OF
MARYLAND, ALL REVENUES FOR EACH FISCAL YEAR IN EXCESS OF THAT NEEDED
TO MEET PAYMENTS UNDER ANY APPLICABLE TRUST INDENTURE FOR THE
PROJECT. AND INTEREST ACCRUED THEREON SHALL BE PAID IN EQUAL AMOUNTS
TO THE MARYLAND DEPARTMENT OF TRANSPORTATION AND THE VIRGINIA
DEPARTMENT OF TRANSPORTATION NO LATER THAN THE FIRST DAY OF OCTOBER
OF THE FOLLOWING FISCAL YEAR.

ARTICLE IX

TRUST FUNDS

ALL MONEYS RECEIVED PURSUANT TO THE AUTHORITY OF THIS ACT,
WHETHER AS PROCEEDS FROM THE SALE OF BONDS OR AS REVENUES, SHALL BE
DEEMED TO BE TRUST FUNDS TO BE HELD AND APPLIED SOLELY AS PROVIDED IN
THIS ACT. THE RESOLUTION AUTHORIZING THE BONDS OF ANY ISSUE OR THE
TRUST INDENTURE SECURING SUCH BONDS SHALL PROVIDE THAT ANY OFFICER
WITH WHOM, OR ANY BANK OR TRUST COMPANY WITH WHICH, SUCH MONEYS'
SHALL BE DEPOSITED SHALL ACT AS TRUSTEE OF SUCH MONEYS AND SHALL HOLD
AND APPLY THE SAME FOR THE PURPOSES THEREOF, SUBJECT TO SUCH
REGULATIONS AS THIS ACT AND SUCH RESOLUTION OR TRUST INDENTURE MAY
PROVIDE.

ARTICLE X

REMEDIES

ANY HOLDER OF BONDS, NOTES. OR OTHER EVIDENCE OF OBLIGATION ISSUED
UNDER THE PROVISIONS OF THIS ACT OR ANY OF THE COUPONS APPERTAINING

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