Ch. 5

LAWS OF MARYLAND

Occurred: Ch. 535, Acts of 1988.

9-1611.

(c) (1) The revenues and moneys designated as security for
bonds shall be set aside at such regular intervals as may be
provided in the bond resolution in a special account in the Fund
which is pledged to, and charged with, the payment of:

[(1)] (I) The interest upon such bonds as such
interest falls due;

[(2)] (II) The principal of such bonds as it falls
due;

[(3)] (III) The necessary charges of the trustee,
bond registrar, and paying agents; and

[(4)] (IV) The redemption price or purchase price of
bonds retired by call or purchase as provided in the bond
resolution or trust agreement.

[(5)] (2) Any amounts set aside in such special
account which are not needed to provide for the payment of [such
items (1), (2), (3), and (4) of paragraph (1)] THE ITEMS INCLUDED
UNDER PARAGRAPH (1) OF THIS SUBSECTION may be used for any other
lawful purpose, to the extent provided in the bond resolution.
Such pledge shall be valid and binding from the time when the
pledge is made. Such revenues or other moneys so pledged and
thereafter received by the Administration shall immediately be
subject to the lien of such pledge without any physical delivery
thereof or further act, and the lien of any such pledge shall be
valid and binding as against all parties having any claims of any
kind in tort, contract, or otherwise against the Administration
or the Fund, irrespective of whether such parties have notice
thereof. Neither the bond resolution nor any trust agreement by
which a pledge is created need be filed or recorded except in the
records of the Administration, any public general or public local
law to the contrary notwithstanding.

DRAFTER'S NOTE:

Error: Stylistic errors and erroneous internal
reference in § 9-1611(c) of the Environment Article.

Occurred: Itemization throughout subsection (c) was
incorrect in Ch. 535, Acts of 1988; corrections by the
Michie Company in the 1988 Supplement to the 1987
Replacement Volume of the Environment Article are
validated by this Act. Internal reference in
paragraph (2) of subsection (c) became incorrect as a
result of the renumbering throughout the subsection.

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