Maryland Statutes
Subtitle 5 - Maryland Agricultural and Resource-Based Industry Development Corporation
Section 10-515 - Bonds -- Trust Agreement

(a)    (1)    The Corporation may secure a bond by a trust agreement between the Corporation and a corporate trustee.
        (2)    A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.
        (3)    A corporation or trust company incorporated in the State may:
            (i)    act as depository of bond proceeds or revenue; and
            (ii)    furnish any indemnity bond or pledge security that the Corporation requires.
    (b)    The trust agreement or the resolution that provides for the issuance of a bond may:
        (1)    state the rights and remedies of bondholders and any trustee;
        (2)    contain provisions to protect and enforce the rights and remedies of bondholders;
        (3)    contain covenants stating the duties of the Corporation as to the custody, safeguarding, and application of money;
        (4)    restrict the individual right of action of bondholders;
        (5)    provide for the payment of the bond proceeds and revenues to an officer, board, or depository that the Corporation determines with the safeguards and restrictions that the Corporation determines; and
        (6)    provide for the method of disbursement of the bond proceeds and revenues, with the safeguards and restrictions that the Corporation determines.
    (c)    Expenses incurred in carrying out a trust agreement may be treated as a part of the cost of operation of the Corporation.

Structure Maryland Statutes