(a) (1) Bonds or notes that the Administration issues may be secured by a trust
agreement between the Administration and a trustee that is in or out of
the State.
(2) A trustee shall be a trust company or a bank with trust powers.
(b) A trust agreement or a determination authorizing the issuance of bonds
or notes may contain:
(1) subject to then-existing agreements with bondholders or noteholders,
provisions to secure payment of bonds or notes by pledging or
assigning:
(i) any of the revenues of the Administration;
(ii) a mortgage that the Administration holds, a loan that the
Administration has made, or security for the mortgage or loan;
(iii) the proceeds of a bond or note of the Administration; or
(iv) any combination of these and other assets of the Administration;
(2) provisions to protect and enforce rights and remedies of bondholders or
noteholders, and covenants stating the duties of or restrictions on the
Administration;
(3) provisions restricting the rights of bondholders or noteholders;
(4) provisions that appoint one or more trust companies or banks with trust
powers to act as depositaries of the proceeds of bonds or notes or of
any revenues or money of the Administration, with any indemnifying
bonds or securities required by the Administration allowed to be given
or pledged by any depositary bank or trust company incorporated in the
State;
(5) provisions on the custody, safeguarding, and application of money of
the Administration;
(6) provisions on investments of money of the Administration as the
Administration provides, notwithstanding Article 95, § 22 of the Code
and §§ 6-202, 6-205, 6-206, 6-209, and 6-210 of the State
Finance and Procurement Article;
(7) provisions that establish and control all aspects of reserves,
including debt service reserves;
(8) provisions for funding or refunding bonds or notes, including
redemption premiums and interest; and
(9) any other provisions that are reasonable and proper for the security of
bondholders or noteholders.
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