§ 10-324

Maryland § 10-324

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 10

Text

(a) The Authority may secure bonds by a trust agreement.

(b) The corporate trustee under a trust agreement may be a trust company or a bank that has the powers of a trust company in or outside the State.

(c) In addition to the provisions described in § 10–323(h) of this subtitle, the trust agreement may contain:

(1) either:

(i) a provision conveying or mortgaging all or a portion of the project; or

(ii) a provision creating a collateral account;

(2) other provisions that the Authority considers reasonable and proper for the security of bondholders; and

(3) a provision that restricts the individual right of action by bondholders.

(d) An expense incurred in carrying out the trust agreement or a resolution may be treated as part of the cost of the operation of a project.