Ch. 737

1997 LAWS OF MARYLAND

DEPOSIT OR TIME DEPOSITS SECURED BY OBLIGATIONS OF OR GUARANTEED BY
THE UNITED STATES OF AMERICA, MATURING NOT LATER THAN THE TIME OR
TIMES WHEN SUCH PROCEEDS WILL BE NEEDED FOR THE PURPOSE OF PAYING ALL
OR ANY PART OF SUCH COST. THE INTEREST, INCOME, AND PROFITS, IF ANY,
EARNED OR REALIZED ON SUCH INVESTMENT MAY BE APPLIED TO THE PAYMENT
OF ALL OR ANY PART OF SUCH COST OR MAY BE USED BY THE CORPORATION IN
ANY LAWFUL MANNER.

(I) THE CORPORATION MAY PLEDGE OR ASSIGN ALL OR ANY PORTION OF
ITS REVENUES, ITS RIGHTS TO RECEIVE THEM, OR MONEYS AND SECURITIES IN THE
FUNDS AND ACCOUNTS ESTABLISHED TO SECURE ITS BONDS AND ANY LIEN OR
SECURITY INTEREST GRANTED OR ASSIGNMENT MADE BY THE CORPORATION. ANY
PLEDGE OR ASSIGNMENT SHALL BE VALID AND BINDING AGAINST ANY PERSON
HAVING A CLAIM OF ANY KIND AGAINST THE CORPORATION, IN CONTRACT, TORT,
OR OTHERWISE, IRRESPECTIVE OF WHETHER THE PERSON HAS NOTICE AND SHALL
BE PRIOR TO SUCH CLAIM. NO RESOLUTION, TRUST INDENTURE, ASSIGNMENT,
FINANCING AGREEMENT, OR OTHER INSTRUMENT CREATING A LIEN ON, SECURITY
INTEREST IN, OR ASSIGNMENT OF ANY REVENUES, ITS RIGHTS TO RECEIVE
REVENUES OR MONEYS AND SECURITIES IN THE FUNDS AND ACCOUNTS PLEDGED
TO BONDS OF THE CORPORATION NEED BE FILED OR RECORDED EXCEPT IN THE
RECORDS OF THE CORPORATION.

(J) THE CORPORATION MAY LEND OR OTHERWISE MAKE AVAILABLE THE
PROCEEDS OF ITS BONDS TO ANY PERSON IN ORDER TO FINANCE OR REFINANCE
THE COSTS OF ANY PROJECT, AND MAY ENTER INTO SUCH FINANCING
AGREEMENTS, MORTGAGES, AND OTHER INSTRUMENTS AS IT MAY DETERMINE TO
BE NECESSARY OR DESIRABLE TO EVIDENCE OR SECURE SUCH LOAN. IT ANY
PROJECT IS LEASED TO ANY PERSON, THE LEASE MAY PROVIDE THAT UPON THE
PAYMENT OF THE BONDS THAT FINANCED OR REFINANCED THE COST OF THE
PROJECT AND INTEREST THEREON (OR PROVISION FOR SUCH PAYMENT
SATISFACTORY TO THE CORPORATION), THE LESSEE OR ANOTHER PERSON MAY OR
SHALL PURCHASE OR OTHERWISE ACQUIRE THE PROJECT FOR SUCH
CONSIDERATION, WHICH MAY BE NOMINAL, AS MAY BE ESTABLISHED BY THE
CORPORATION.

(K) (1) AT THE DISCRETION OF THE CORPORATION, THE BONDS MAY BE
SECURED BY A TRUST INDENTURE BY AND BETWEEN THE CORPORATION AND
CORPORATE TRUSTEE, WHICH MAY BE ANY TRUST COMPANY OR BANK HAVING THE
POWERS OF A TRUST COMPANY WITHIN OR OUTSIDE OF THE STATE. EITHER THE
RESOLUTION PROVIDING FOR THE ISSUANCE OF BONDS OR THE TRUST INDENTURE
MAY CONTAIN PROVISIONS FOR PROTECTING AND ENFORCING THE RIGHTS AND
REMEDIES OF THE BONDHOLDERS, INCLUDING COVENANTS SETTING FORTH THE
DUTIES OF THE CORPORATION IN RELATION TO THE CUSTODY, SAFEGUARDING,
AND APPLICATION OF ALL MONEYS. IT SHALL DE LAWFUL FOR ANY CORPORATION
OR TRUST COMPANY INCORPORATED UNDER THE LAWS OF THIS STATE TO ACT AS
DEPOSITORY OF THE PROCEEDS OF THE BONDS OR REVENUES AND TO FURNISH
ANY INDEMNITY BONDS OR TO PLEDGE ANY SECURITIES THAT THE CORPORATION
REQUIRES.

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