§ 10-841. Trust agreement.

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

(b) Corporate trustee. -- 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) Contents. -- In addition to the provisions described in § 10-840(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 Center considers reasonable and proper for the security of bondholders; and

   (3) a provision that restricts the individual right of action by bondholders.

(d) Expenses. -- 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.

HISTORY: 2008, ch. 137.