(a) If the authorizing resolution provides, notes may be secured by:
(1) a trust indenture with a corporate trustee, which may be any trust company or bank having the powers of a trust company in or outside the State; and
(2) a letter of credit, line of credit, or other credit or liquidity instrument from or with a bank or other lending institution.
(b) A security provided by an authorizing resolution under this section may be secured by the same security given to holders of the notes for the performance by a county of the county’s monetary obligations under the notes.
Structure Maryland Statutes
Subtitle 6 - Creation of Public Debt -- Public Schools
Part I - Public Schools -- in General
Section 19-602 - County Borrowing Authority
Section 19-603 - Authorized Use of Proceeds
Section 19-605 - Authorizing Resolution
Section 19-607 - Exemption From Specific Provisions
Section 19-608 - Valid and Binding Obligations
Section 19-609 - Tax Exemption
Section 19-610 - Exemptions and Terms