Ch. 467

2004 LAWS OF MARYLAND

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.

(K) (1) THE CORPORATION MAY:

(I)      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

(II)     ENTER INTO FINANCING AGREEMENTS, MORTGAGES, AND
OTHER INSTRUMENTS THAT THE CORPORATION DETERMINES TO BE NECESSARY OR
DESIRABLE TO EVIDENCE OR SECURE THE LOAN.

(2) IF ANY PROJECT IS LEASED TO ANY PERSON, THE LEASE MAY
PROVIDE THAT THE LESSEE OR ANOTHER PERSON MAY OR SHALL PURCHASE OR
OTHERWISE ACQUIRE THE PROJECT FOR CONSIDERATION, WHICH MAY BE NOMINAL,
AS THE CORPORATION MAY ESTABLISH:

(I)      ON THE PAYMENT OF THE BONDS THAT FINANCED OR
REFINANCED THE COST OF THE PROJECT AND INTEREST ON THE BONDS; OR

(II)     ON PROVISION FOR PAYMENT THAT IS SATISFACTORY TO THE
CORPORATION.

(L) (1) (I) 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 THAT HAS
THE POWERS OF A TRUST COMPANY IN OR OUTSIDE THE STATE.

(II)     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 STATING THE DUTIES OF THE CORPORATION IN RELATION TO THE
CUSTODY, SAFEGUARDING, AND APPLICATION OF ALL MONEYS.

(III)   A CORPORATION OR TRUST COMPANY INCORPORATED UNDER
THE LAWS OF THE STATE MAY:

1.       ACT AS DEPOSITORY OF THE PROCEEDS OF THE BONDS OR
REVENUES; AND

2.       FURNISH ANY INDEMNITY BONDS OR PLEDGE ANY
SECURITIES THAT THE CORPORATION REQUIRES.

(2) (I) THE RESOLUTION OR TRUST INDENTURE MAY SET FORTH THE
RIGHTS AND REMEDIES OF THE BONDHOLDERS AND OF ANY TRUSTEE, AND MAY
RESTRICT THE INDIVIDUAL RIGHT OF ACTION OF BONDHOLDERS.

(II) THE CORPORATION MAY PROVIDE BY RESOLUTION OR BY THE
TRUST INDENTURE FOR:

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