# Economic Development (GEC)

## Title 10. Statewide Development Resources and Revenue Authorities

### Subtitle 1. Maryland Economic Development Corporation

#### Section 10-121

(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 revenues; and

    (ii) furnish an 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 rights 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 part of the cost of operation of the Corporation.

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Md. Code Ann., Econ. Dev. (as displayed at mgaleg.maryland.gov, October 16, 2026)