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PARRIS N. GLENDENING, Governor
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Ch. 470
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3-606.
(A) (1) BONDS ISSUED UNDER THIS SUBTITLE MAY BE SECURED BY A TRUST
AGREEMENT BETWEEN THE DEPARTMENT AND A CORPORATE TRUSTEE, WHICH MAY
BE ANY TRUST COMPANY OR BANK HAVING TRUST POWERS WITHIN OR WITHOUT
THE STATE.
(2) THE TRUST AGREEMENT MAY PLEDGE OR ASSIGN ALL OR ANY PART
OF THE EXISTING AND ANTICIPATED FEDERAL FUNDS PAID TO OR EXPECTED TO BE
PAID TO THE DEPARTMENT FOR TRANSPORTATION PURPOSES.
(B) ANY TRUST AGREEMENT OR BOND AUTHORIZING RESOLUTION MAY:
(1) CONTAIN PROVISIONS FOR THE PROTECTION AND ENFORCEMENT
OF THE RIGHTS AND REMEDIES OF BONDHOLDERS AS ARE CONSIDERED
REASONABLE AND PROPER, INCLUDING COVENANTS SETTING FORTH THE DUTIES OF
THE DEPARTMENT AS TO THE FINANCING OR DEVELOPMENT OF ANY
TRANSPORTATION FACILITY, THE EXTENSION, ENLARGEMENT, IMPROVEMENT,
MAINTENANCE, OPERATION, REPAIR, AND INSURANCE OF THE TRANSPORTATION
FACILITY, AND THE CUSTODY, SAFEGUARDING, AND APPLICATION OF MONEY;
(2) PROVIDE FOR THE EMPLOYMENT OF CONSULTING ENGINEERS IN
CONNECTION WITH THE CONSTRUCTION OR OPERATION OF ANY TRANSPORTATION
FACILITY;
(3) SET FORTH THE RIGHTS AND REMEDIES OF THE BONDHOLDERS AND
OF THE TRUSTEE;
(4) RESTRICT THE INDIVIDUAL RIGHT OF ACTION BY BONDHOLDERS;
AND
(5) CONTAIN ANY OTHER PROVISIONS THAT THE DEPARTMENT
CONSIDERS REASONABLE AND PROPER FOR THE SECURITY OF THE BONDHOLDERS.
(C) ALL EXPENSES INCURRED IN CARRYING OUT THE TRUST AGREEMENT
MAY BE TREATED AS A PART OF THE COST OF THE OPERATION OF THE
TRANSPORTATION FACILITY IN CONNECTION WITH WHICH THE BONDS HAVE BEEN
ISSUED.
(D) THE PROCEEDS OF THE SALE OF BONDS SHALL BE PAID TO THE TRUSTEE
UNDER THE TRUST AGREEMENT SECURING THE BONDS AND SHALL BE DISBURSED
IN THE MANNER AND UNDER THE RESTRICTIONS, IF ANY, PROVIDED IN THE TRUST
AGREEMENT.
(E) ANY BANK OR TRUST COMPANY INCORPORATED UNDER THE LAWS OF
THIS STATE THAT ACTS AS DEPOSITARY OF THE PROCEEDS OF THE BONDS OR OF
REVENUES MAY FURNISH ANY INDEMNIFYING BONDS OR PLEDGE ANY SECURITIES
THAT THE DEPARTMENT REQUIRES.
3-607.
(A) THE BONDS, NOTES, AND OTHER EVIDENCES OF OBLIGATION ISSUED
UNDER THIS SUBTITLE, THEIR TRANSFER THE INTEREST PAYABLE ON THEM, AND
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- 3763 -
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