§ 10–324

Statutes in effect as of October 1, 2026.

Md. Code Ann., Econ. Dev. § 10-324 (2026)

Title 10. Statewide Development Resources and Revenue Authorities

Subtitle 3. Maryland Health and Higher Educational Facilities Authority

(a)

The Authority may secure bonds by a trust agreement.

(b)

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)

In addition to the provisions described in § 10–323(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 Authority considers reasonable and proper for the security of bondholders; and

(3)

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

(d)

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.