Terms Used In Maryland Code, LOCAL GOVERNMENT 19-606

  • County: means a county of the State or Baltimore City. See
  • state: means :

    (1) a state, possession, territory, or commonwealth of the United States; or

    (2) the District of Columbia. See
  • Trustee: A person or institution holding and administering property in trust.
(a) If the authorizing resolution provides, notes may be secured by:

(1) a trust indenture with a corporate trustee, which may be any trust company or bank having the powers of a trust company in or outside the State; and

(2) a letter of credit, line of credit, or other credit or liquidity instrument from or with a bank or other lending institution.

(b) A security provided by an authorizing resolution under this section may be secured by the same security given to holders of the notes for the performance by a county of the county’s monetary obligations under the notes.