PARRIS N. GLENDENING, Governor

S.B. 810

(iii) The necessary charges of paying agents for paying principal and
interest; and

(iv) The redemption price or purchase price of bonds retired by call or
purchase as provided in the determination or trust agreement.

(2)     Any amounts set aside in a special fund that are not needed to provide
for the payment of items (i), (ii), (iii), and (iv) under paragraph (1) of this subsection may
be used for any other lawful purpose, to the extent provided in the determination or trust
agreement. The pledge shall be valid and binding from the time when the pledge is made.
The revenues or other moneys so pledged and thereafter received by the Administration
shall immediately be subject to the lien of the pledge without any physical delivery of the
revenues or other moneys or further act, and the lien of the pledge shall be valid and
binding as against any party having any claim of any kind in tort, contract or otherwise
against the Administration, irrespective of whether the party has notice of the lien.

(3)     Neither the determination nor any trust agreement by which a pledge is
created need be filed or recorded except in the records of the Administration, any public
general or public local law to the contrary notwithstanding. The use and disposition of
moneys to the credit of the special fund shall be subject to the provisions of the
determination authorizing the issuance of the bonds or of the trust agreement.

(b)     Without in any way limiting or restricting the effect or application of this
subtitle, the provisions of this subtitle are intended to and shall be construed to authorize
the Administration to finance any energy project or any combination of energy projects by
any combination of issues or series of bonds that are secured by the pledge of the net or
gross revenues, or a combination of net or gross revenues, from any energy project or
combination of projects, designated by a determination that authorizes the issuance of the
bonds or by any trust agreement securing the bonds.

(c)     Any net earnings of the Administration, beyond that necessary for the
retirement of bonds or to implement the public purposes or programs of the
Administration, may not inure to the benefit of any person, other than the State of
Maryland for use to accomplish the purposes of this subtitle.

[6-314.] 6-414.

Except to the extent these rights may be restricted by a determination authorizing
the issuance of, or by any trust agreement securing the bonds, any holder of a bond issued
under this subtitle or of any coupon pertaining to such a bond and the trustee may, either
at law or in equity, by suit, action, mandamus, or any other proceedings, protect and
enforce any and all rights under the laws of this State or granted under this subtitle or
under any determination or trust agreement, and may enforce and compel the
performance of all duties required by this subtitle or by the determination or trust
agreement to be performed by the Administration or by any officer, employee, or agent of
the Administration, including the fixing, charging, and collection of rates, rentals, fees,
and charges authorized or required by the provisions of the determination or trust
agreement to be fixed, charged, and collected.

[6-315.] 6-415.

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