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§ 10-841. 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 8. Maryland Clean Energy Center (Refs & Annos)
Part IV. Bonds (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 10-841
§ 10-841. Trust agreement
Currentness
Applicability
(a) The Center may secure bonds by a trust agreement.
Corporate trustee
(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.
Contents
(c) In addition to the provisions described in § 10-840(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 Center considers reasonable and proper for the security of bondholders; and
(3) a provision that restricts the individual right of action by bondholders.
Expenses
(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.

Credits

Added by Acts 2008, c. 137, § 1, eff. Oct. 1, 2008.
MD Code, Economic Development, § 10-841, MD ECON DEV § 10-841
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.
End of Document