(a) Applicability.- The Authority may secure bonds by a trust agreement.
(b) Corporate trustee.- 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) Contents.- 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) Expenses.- 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.
(a) Applicability.- The Authority may secure bonds by a trust agreement.
(b) Corporate trustee.- 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) Contents.- 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) Expenses.- 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.
(a) Applicability.- The Authority may secure bonds by a trust agreement.
(b) Corporate trustee.- 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) Contents.- 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) Expenses.- 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.
