ROBERT L. EHRLICH, JR., Governor

Ch. 428

RESTORATION FUND, IF THE NET SALE PROCEEDS WILL BE DEPOSITED IN THE
WATERSHED BAY RESTORATION FUND, which is pledged to, and charged with, the
payment of:

(i) The interest upon such bonds as such interest falls due;

(ii) The principal of such bonds as it falls due;

(iii) The necessary charges of the trustee, bond registrar, and paying
agents; and

(iv) The redemption price or purchase price of bonds retired by call
or purchase as provided in the bond resolution or trust agreement.

(2) Any amounts set aside in such special account which are not needed
to provide for the payment of the items included under paragraph (1) of this
subsection may be used for any other lawful purpose, to the extent provided in the
bond resolution. Such pledge shall be valid and binding from the time when the
pledge is made. Such revenues or other moneys so pledged and thereafter received by
the Administration shall immediately be subject to the lien of such pledge without
any physical delivery thereof or further act, and the lien of any such pledge shall be
valid and binding as against all parties having any claims of any kind in tort,
contract, or otherwise against the Administration or the Water Quality Fund, [or] the
Drinking Water Loan Fund, OR THE WATERSHED BAY RESTORATION FUND,
irrespective of whether such parties have notice thereof. Neither the bond resolution
nor any trust agreement by which a pledge is created need be filed or recorded except
in the records of the Administration, any public general or public local law to the
contrary notwithstanding.

(d) Any net earnings of the Administration, beyond that necessary for the
retirement of bonds or to implement the public purposes or programs of the
Administration, shall not inure to the benefit of any person, other than the State of
Maryland for use to accomplish the purposes of this subtitle.

9-1616.

The Administration shall not be required to give any bond as security for costs,
supersedeas, or any other security in any suit or action brought by or against it, or in
proceedings to which it may be a party, in any court of this State, and the
Administration shall have the remedies of appeal of whatever kind to all courts
without bonds, supersedeas, or security of any kind. No builder's, materialman's,
contractor's, laborer's, or mechanic's liens of any kind or character shall ever attach to
or become a lien upon the Water Quality [Fund or] FUND, the Drinking Water Loan
Fund, OR THE WATERSHED BAY RESTORATION FUND or any property, real or
personal, belonging to the Administration and no assignment of wages shall be
binding upon or recognized by the Administration.

9-1617.

The Administration shall make provision for a system of financial accounting,
controls, audits, and reports in accordance with generally accepted principles of
governmental accounting. All accounting systems and records, auditing procedures

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