§ 10–515
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 10-515 (2026)
Title 10. Statewide Development Resources and Revenue Authorities
Subtitle 5. Maryland Agricultural and Resource-Based Industry Development Corporation
§ 10–515LinkCopy Citation
(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 revenue; and
(ii)
furnish any 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 right 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 a part of the cost of operation of the Corporation.