PARRIS N. GLENDENING, Governor

Ch. 601

(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 MAY BE
MADE PART OF THE CONTRACT WITH THE HOLDERS OF THE BONDS.

13-1121. 13-1119.

(A)    A PLEDGE BY THE AUTHORITY OF REVENUES AS SECURITY FOR AN ISSUE
OF BONDS SHALL BE VALID AND BINDING ON AND AFTER THE DATE WHEN THE
DOCUMENTS EVIDENCING THE PLEDGE ARE EXECUTED BY THE AUTHORITY.

(B)     (1) THE REVENUES THAT THE AUTHORITY PLEDGES ARE MAY BE MADE
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)     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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