PARRIS N. GLENDENING, Governor                             Ch. 583

(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 COMMISSION 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 OR OF ACTION BY
BONDHOLDERS;

(8)     PROVIDE FOR GUARANTEES, PLEDGES OF PROPERTY, PURCHASES
OR SALES OF PROPERTY, LEASING, LEASING BACK OR SUBLEASING OF PROPERTY,
THE ASSIGNMENT OF ANY PLEDGES, PURCHASE, SALE, LEASE OR SUBLEASE
AGREEMENTS, 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 COMMISSION DEEMS APPROPRIATE.

(B) ANY PROVISIONS UNDER SUBSECTION (A) OF THIS SECTION THAT THE
COMMISSION INCLUDES IN A RESOLUTION OR TRUST AGREEMENT SHALL BE MAY
BE MADE PART OF THE CONTRACT WITH THE HOLDERS OF THE BONDS.

24-520.

(A)    A PLEDGE BY THE COMMISSION OF REVENUES AS SECURITY FOR AN
ISSUE OF BONDS SHALL BE VALID AND BINDING FROM THE TIME WHEN THE
DOCUMENTS EVIDENCING THE PLEDGE ARE EXECUTED BY THE COMMISSION.

(B)     (1) THE REVENUES THAT THE COMMISSION 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 COMMISSION, WHETHER OR NOT THE PERSON HAS NOTICE

(C)     IN ORDER TO PERFECT THE LIEN ON THE REVENUE PLEDGED BY THE
COMMISSION AGAINST THIRD PERSONS, A RESOLUTION, TRUST AGREEMENT OR
FINANCING STATEMENT, CONTINUATION STATEMENT, OR OTHER INSTRUMENT
THAT THE COMMISSION ADOPTS OR ENTERS INTO NEED NOT BE FILED OR
RECORDED IN ANY PUBLIC RECORD OTHER THAN THE RECORDS OF THE
COMMISSION.

24-521.

(A) A MEMBER OF THE COMMISSION, OR ANY PERSON EXECUTING THE
BONDS, IS NOT LIABLE PERSONALLY ON THE BONDS OR SUBJECT TO ANY PERSONAL
LIABILITY BY REASON OF THE ISSUANCE OF THE BONDS.

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