§ 31-110. Administrative powers.

(a)

The Authority may fix, revise, charge, and collect fees and charges for its services and operations and may contract with any person in connection therewith without supervision or regulation by the Council or the County Executive or any other department, board, agent, or agency of the County or any unit of State government and without regard to any provision of law other than the provisions of this Subtitle.

(b)

(1)

A pledge by the Authority of revenue as security for an issue of bonds shall be valid and binding from the time when the pledge is made.

(2)

The revenues pledged shall immediately be subject to the lien of the pledge without any physical delivery or further act, and the lien of any pledge shall be valid and binding against any person having any claim of any kind in tort, contract or otherwise against the Authority, any lending institution or any participating institution, irrespective of whether the person has notice.

(3)

No bond resolution, trust agreement, financing statement, continuation statement, or other instrument adopted or entered into by the Authority need be filed or recorded in any public record other than the records of the Authority in order to perfect the lien against third persons, regardless of any contrary provision of public general or public local law.

(c)

(1)

All moneys received by or on behalf of the Authority under this Subtitle, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this Subtitle.

(2)

Any officer with whom, or any bank or trust company with which, such moneys are deposited shall act as trustee of the moneys and shall hold and apply them for the purposes provided in this Subtitle and any applicable bond resolution or trust agreement.

(Chapter 704, Laws of Md., 1986)