{"data":{"id":"us-md/md.-code-economic-development-10-324","jurisdiction":"us-md","citation":"Md. Code, Economic Development § 10–324","heading":"","body":"(a) The Authority may secure bonds by a trust agreement.\n(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.\n(c) In addition to the provisions described in § 10–323(h) of this subtitle, the trust agreement may contain:\n(1) either:\n(i) a provision conveying or mortgaging all or a portion of the project; or\n(ii) a provision creating a collateral account;\n(2) other provisions that the Authority considers reasonable and proper for the security of bondholders; and\n(3) a provision that restricts the individual right of action by bondholders.\n(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.","path":["Article - Economic Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gec\u0026section=10-324","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:28Z","sha256":"3932b6ea574ee80ddb0ca30a01a816343600cc20291998d0ea4d37eaf459c214","source_id":"us-md","stale":false,"prev":"us-md/md.-code-economic-development-10-323","next":"us-md/md.-code-economic-development-10-325"},"notice":"GroundRules: Original legal text. Not legal advice."}