Section 10-329 - Sinking fund - Nature and application. - Maryland Statutes

§ 10-329. Sinking fund - Nature and application.
 

A sinking fund: 

(1) may be held: 

(i) for all of the bonds issued to finance projects at a particular participating institution without distinction or priority of one bond over another bond; 

(ii) for a particular project and for the bonds issued for that project; 

(iii) for bonds having a lien subordinate to the lien securing other bonds; and 

(2) shall be subject to the trust agreement. 
 

[An. Code 1957, art. 43C, § 14; 2008, ch. 306, § 2.]