1. (a) The Center may secure bonds by a trust agreement.
2. (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.

3. (c) In addition to the provisions described in § 10-840(h) of this subtitle, the trust agreement may contain:

   1. (1) either:

      1. (i) a provision conveying or mortgaging all or a portion of the project; or
      2. (ii) a provision creating a collateral account;
   2. (2) other provisions that the Center considers reasonable and proper for the security of bondholders; and
   3. (3) a provision that restricts the individual right of action by bondholders.
4. (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.

Added by Acts 2008, c. 137, § 1, eff. Oct. 1, 2008.