WILLIAM DONALD SCHAEFER, Governor Ch. 220
ANNUITY BOND FUND OF THE STATE.

(II) 1. THE PROCEEDS AND INCOME FROM THE SALE OF
ANY REAL PROPERTY, IMPROVEMENT TO REAL PROPERTY, OR LICENSE
OF THE COLLEGE SHALL BE DEPOSITED IN A SPECIAL FUND TO BE USED
AS AN ENDOWMENT.

2. THE PRINCIPAL OF THE SPECIAL FUND MAY BE
USED FOR CAPITAL EXPENDITURES, SUBJECT TO THE APPROVAL OF THE
COMMISSION AND THE BOARD OF PUBLIC WORKS ON A PAY-AS-YOU-GO
BASIS, AND MAY NOT BE USED TO PAY THE OPERATING EXPENSES OF
THE COLLEGE.

(F) THE BOARD OF TRUSTEES MAY APPLY FOR, ACCEPT, AND
SPEND ANY GIFT OR GRANT FROM ANY GOVERNMENT, FOUNDATION,
OR PERSON.

(G) (1) THE BOARD OF TRUSTEES SHALL FIX THE TUITION AND
FEES TO BE PAID BY STUDENTS AND SHALL DO SO WITH A VIEW TO
MAKING COLLEGE EDUCATION AVAILABLE AT LOW COST.

(2) EXCEPT AS OTHERWISE PROVIDED IN PARAGRAPH (4) OF
THIS SUBSECTION, THE BOARD OF TRUSTEES SHALL ASSESS EACH
STUDENT WHO IS NOT A RESIDENT OF THIS STATE, IN ADDITION TO THE
STUDENT TUITION AND FEES PAID BY RESIDENTS, AN OUT-OF-STATE
FEE EQUAL TO THE AMOUNT OF STATE SUPPORT FOR THE COMMUNITY
COLLEGE PER FULL-TIME EQUIVALENT STUDENT.

(3) FOR PURPOSES OF THIS SUBSECTION, THE NUMBER OF
FULL-TIME EQUIVALENT STUDENTS IS THE QUOTIENT OF THE NUMBER
OF STUDENT CREDIT HOURS PRODUCED IN THE FISCAL YEAR DIVIDED
BY 30.

(4) A STUDENT WHO IS NOT A RESIDENT OF THE STATE SHALL
BE CONSIDERED A RESIDENT FOR PURPOSES OF ASSESSING TUITION
AND FEES TO THE EXTENT THAT SUCH STUDENT WOULD BE ELIGIBLE
FOR IN-COUNTY STATUS UNDER THE PROVISIONS OF § 16-407(A)(3) OR §
16-407(F) OF THIS TITLE.

(51 THE BOARD OF TRUSTEES SHALL SET TUITION AND FEES FOR
STUDENTS WHO ARE RESIDENTS OF COUNTIES IN THIS STATE OTHER THAN
BALTIMORE CITY AT THE SAME RATE AS THE TUITION AND FEES CHARGED
TO STUDENTS WHO RESIDE IN BALTIMORE CITY.

(H) (1) (I) THE BOARD OF TRUSTEES SHALL APPOINT A
PRESIDENT OF THE COMMUNITY COLLEGE WHO SHALL BE THE CHIEF

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