§ 3-606. Trust agreements or bond authorizing resolutions
West's Annotated Code of MarylandTransportationEffective: October 1, 2014
Effective: October 1, 2014
MD Code, Transportation, § 3-606
§ 3-606. Trust agreements or bond authorizing resolutions
(a)(1) Bonds issued under this subtitle may be secured by a trust agreement between the Department and a corporate trustee, which may be any trust company or bank having trust powers within or without the State.
(b) Any trust agreement or bond authorizing resolution may:
(1) Contain provisions for the protection and enforcement of the rights and remedies of bondholders as are considered reasonable and proper, including covenants setting forth the duties of the Department as to the financing or development of any transportation facility, the extension, enlargement, improvement, maintenance, operation, repair, and insurance of the transportation facility, and the custody, safeguarding, and application of money;
(c) All expenses incurred in carrying out the trust agreement may be treated as a part of the cost of the operation of the transportation facility in connection with which the bonds have been issued.
(d) The proceeds of the sale of bonds shall be paid to the trustee under the trust agreement securing the bonds and shall be disbursed in the manner and under the restrictions, if any, provided in the trust agreement.
Credits
Added by Acts 2002, c. 470, § 1, eff. June 1, 2002. Amended by Acts 2014, c. 274, § 1, eff. Oct. 1, 2014.
MD Code, Transportation, § 3-606, MD TRANS § 3-606
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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