§ 10-221. Bonds--Trust agreement
West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2008
West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 10. Statewide Development Resources and Revenue Authorities (Refs & Annos)
Subtitle 2. Maryland Food Center Authority (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 10-221
§ 10-221. Bonds--Trust agreement
(a)(1) The Authority may secure a bond by a trust agreement between the Authority and a corporate trustee.
(b) The trust agreement or the resolution that provides for the issuance of a bond may:
(c)(1) Except as provided in paragraph (2) of this subsection and § 10-222 of this subtitle, a trust agreement may pledge or assign revenues to be received from the development or project.
(d) The trust agreement may authorize the use of money realized from the sale or disposition of any of the property of a development or project to pay principal of and interest on the bonds.
(e) Expenses incurred in carrying out a trust agreement may be treated as part of the cost of maintenance, repair, and operation of a development or project.
Credits
Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 10-221, MD ECON DEV § 10-221
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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