Maryland Statutes
Part III - Bonds
Section 10-324 - Trust Agreement

(a)    The Authority 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.
    (c)    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)    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.

Structure Maryland Statutes