S.B. 810                                                  VETOES

regard to the security (which priority may be senior, or subordinated to, or on a parity
with, other obligations), as the Administration may deem necessary or appropriate to
effectuate the acquisition, construction or provision of an energy project by any person.

[6-312.] 6-412.

(a)     If the Administration elects, bonds may be secured by a trust agreement by
and between the Administration and a corporate trustee, which may be any trust company
or bank having trust powers, in or outside the State. The trust agreement may pledge or
assign all or any part of the revenues of the Administration or of any energy project, and
may mortgage or grant a lien on or security interest in any energy project or any part of
it. Any trust agreement or determination that authorizes the issuance of bonds may
contain provisions for the protection and enforcement of the rights and remedies of the
bondholders, as may be considered reasonable and proper, including covenants that set
forth the duties of the Administration in relation to the acquisition or construction of any
energy project, the extension, enlargement, improvement, maintenance, operation, repair
and insurance of any energy project and the custody, safeguarding and application of
moneys and may contain provision for the employment of consulting engineers and other
experts in connection with the construction or operation of any energy project. Any bank
or trust company incorporated under the laws of this State may act as depository of the
proceeds of the bonds or of revenues, may furnish indemnifying bonds or may pledge
securities, as may be required by the Administration. The trust agreement or
determination may set forth the rights and remedies of the bondholders and of the trustee
and may restrict the individual right of action by bondholders. In addition, the trust
agreement or determination may contain any other provision that the Administration
considers reasonable and proper for the security of the bondholders, including covenants
to abandon, restrict, or prohibit the construction or operation of competing facilities and
covenants pertaining to the issuance of additional parity bonds on conditions stated in the
trust agreement or determination consistent with the requirements of this subtitle. All
expenses incurred in carrying out the provisions of any trust agreement or determination
may be treated as a part of the cost of any energy project or projects in connection with
which the bonds shall have been issued.

(b)     The proceeds of the sale of bonds shall be paid to the trustee under any trust
agreement or determination securing the bonds and shall be disbursed in the manner and
under the restrictions, if any, that are provided in the trust agreement or determination.

[6-313.]. 6-413.

(a) (1) The revenues, or any part thereof (whether derived from the energy
project or projects in connection with which the bonds of any issue shall have been issued
or from other energy projects or sources), designated as security for the bonds by an
authorizing determination or in the trust agreement securing the bonds shall be set aside
at regular intervals, as provided in the determination or trust agreement, in a special fund
or funds which are hereby pledged to, and charged with, the payment of:

(i) The interest on the bonds as the interest falls due;

(ii) The principal of the bonds as it falls due;

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