Md. Code, Economic Development § 10–329

A sinking fund:

(1) may be held:

(i) for all of the bonds issued to finance projects at a particular participating institution without distinction or priority of one bond over another bond;

(ii) for a particular project and for the bonds issued for that project; and

(iii) for bonds having a lien subordinate to the lien securing other bonds; and

(2) shall be subject to the trust agreement.