{"data":{"id":"us-md/md.-code-economic-development-10-515","jurisdiction":"us-md","citation":"Md. Code, Economic Development § 10–515","heading":"","body":"(a) (1) The Corporation may secure a bond by a trust agreement between the Corporation and a corporate trustee.\n(2) A corporate trustee may be any trust company or bank that has the powers of a trust company in or outside the State.\n(3) A corporation or trust company incorporated in the State may:\n(i) act as depository of bond proceeds or revenue; and\n(ii) furnish any indemnity bond or pledge security that the Corporation requires.\n(b) The trust agreement or the resolution that provides for the issuance of a bond may:\n(1) state the rights and remedies of bondholders and any trustee;\n(2) contain provisions to protect and enforce the rights and remedies of bondholders;\n(3) contain covenants stating the duties of the Corporation as to the custody, safeguarding, and application of money;\n(4) restrict the individual right of action of bondholders;\n(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\n(6) provide for the method of disbursement of the bond proceeds and revenues, with the safeguards and restrictions that the Corporation determines.\n(c) Expenses incurred in carrying out a trust agreement may be treated as a part of the cost of operation of the Corporation.","path":["Article - Economic Development"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gec\u0026section=10-515","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:57:28Z","sha256":"1ed5c028b00725c865c158f355b991e54dc8e0f81faf92f041ddae09540d75b7","source_id":"us-md","stale":false,"prev":"us-md/md.-code-economic-development-10-514","next":"us-md/md.-code-economic-development-10-516"},"notice":"GroundRules: Original legal text. Not legal advice."}