# Economic Development (GEC)

## Title 10. Statewide Development Resources and Revenue Authorities

### Subtitle 3. Maryland Health and Higher Educational Facilities Authority

#### Section 10-324

(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 Sec. 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.

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