Ch. 539

1997 LAWS OF MARYLAND

OR WITHOUT AN ELECTION REFERENDUM, ANY OTHER PROCEEDINGS, OR THE
OCCURRENCE OF ANY OTHER CONDITIONS OR EVENTS;

(2) ANY REVENUE BOND PROCEEDS SHALL BECOME TRUST FUNDS FOR
THE PURPOSES FOR WHICH THE BONDS ARE AUTHORIZED;

(3) A LIEN SHALL BE ESTABLISHED ON THE REVENUE BOND PROCEEDS
IN FAVOR OF THE HOLDERS OF ANY BONDS OR ANY TRUSTEE UNTIL MONEYS ARE
APPLIED TO THE PURPOSES FOR WHICH THE BONDS ARE AUTHORIZED;

(4) THE AUTHORITY MAY SECURE ANY REVENUE BOND ISSUED TO
PROVIDE FUNDS FOR ANY PROJECT BY A TRUST INDENTURE BETWEEN THE
AUTHORITY AND A CORPORATE TRUSTEE;

(5) THE AUTHORITY MAY FIX RATES, FEES, RENTS, AND CHARGES FOR
THE USE OF ANY OF ITS PROJECTS SUFFICIENT TO OPERATE AND MAINTAIN THE
PROJECT, PAY THE PRINCIPAL OF AND INTEREST ON ITS BONDS, AND MAINTAIN A
SINKING FUND PLEDGED AND CHARGED WITH THE PAYMENT OF INTEREST ON THE
PRINCIPAL OF THE BONDS, ADMINISTRATIVE CHARGES BY THE DEPOSITORY OF THE
FUND PAYING THE PRINCIPAL AND INTEREST, AND ANY PREMIUM ON THE BONDS
RETIRED BY CALL OR PURCHASE;

(6) EXCEPT FOR REVENUES REQUIRED TO PAY THE COST OF
OPERATING AND MAINTAINING ANY PROJECT AND TO PAY THE PRINCIPAL OF AND
INTEREST ON THE BONDS AND MAINTAIN THE SINKING FUND, ALL OTHER
REVENUES MAY BE PLACED IN A FUND PLEDGED AND CHARGED WITH FINANCING
PROJECTS DEVOTED WHOLLY OR PARTIALLY TO THE OPERATION AND
MAINTENANCE OF TIPTON AIRPORT;

(7) THE BONDHOLDERS HAVE THE RIGHTS AND REMEDIES
ESTABLISHED BY THE COUNTY;

(8) UNLESS OTHERWISE PROVIDED IN THE RESOLUTION AUTHORIZING
ANY ISSUE OF BONDS, OR UNLESS OTHERWISE PROVIDED IN THE TRUST INDENTURE
THAT SECURES THE BONDS, ALL MONEYS MAY BE DEPOSITED BY THE AUTHORITY
IN ONE OR MORE BANKS OR TRUST COMPANIES IN ONE OR MORE SPECIAL
ACCOUNTS; AND

(9) THE AUTHORITY SHALL HAVE AN ANNUAL EXAMINATION OF ITS
BOOKS, ACCOUNTS, AND RECORDS BY A CERTIFIED PUBLIC ACCOUNTANT.

(D) BECAUSE THE AUTHORITY IS PERFORMING AN ESSENTIAL
GOVERNMENTAL FUNCTION, IT IS NOT SUBJECT TO ANY TAX OR ASSESSMENT ON
ANY FACILITY OR PART OF A FACILITY, ACTIVITIES IN THE OPERATION OF ANY
FACILITY, ANY REVENUES FROM OPERATION OF ANY FACILITY OR PROJECT, OR
THE BONDS OF THE AUTHORITY OR THE INTEREST ON THE BONDS.

(E) THE STATE HEREBY PLEDGES TO AND AGREES WITH ANY PERSON , FIRM,
CORPORATION, OR FEDERAL AGENCY SUBSCRIBING TO OR ACQUIRING THE
REVENUE BONDS TO BE ISSUED BY THE AUTHORITY FOR THE CONSTRUCTION,
EXTENSION, IMPROVEMENT, EQUIPPING, FURNISHING, OR ENLARGEMENT OF ANY
PROJECT OR PART THEREOF THAT THE STATE SHALL NOT LIMIT OR ALTER THE

- 2988 -