Maryland Code, ECONOMIC DEVELOPMENT 10-222
Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 10-222
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(b) (1) The Authority shall set aside a sufficient amount of the revenues derived from a development or project in a sinking fund or other similar fund at regular intervals to the extent required in the trust agreement or resolution.
(2) The sinking fund is pledged to paying:
(i) the principal of and the interest on the bonds as they become due; and
(ii) the redemption or purchase price of bonds retired by call or purchase as specified in the trust agreement or resolution.
(c) To the extent provided in the trust agreement or resolution, the Authority may exclude from the amount to be deposited in the sinking fund the revenues that may be necessary or convenient:
(1) to pay for maintenance, repair, and operation of a development or project;
(2) for reserves; and
(3) for improvements to a development or project.
(d) (1) The lien of the pledge of revenues under subsection (b) of this section is valid and binding from the time the pledge is made.
(2) The lien of the pledge is valid and binding against each party with a claim against the Authority in tort, contract, or otherwise, regardless of whether the party has notice of the lien.