Maryland Code, Economic Development § 10-841

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) The Center may secure bonds by a trust agreement.

(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.

(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.

(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.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-841 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-841/

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