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Session Laws, 1950
Volume 587, Page 361   View pdf image (33K)
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WM. PRESTON LANE, JR., GOVERNOR 361

be treated as a part of the cost of the operation of the project
or projects.

235E. The Authority is hereby authorized to fix, revise,
charge and collect fees from students of the University of
Maryland or from any others that may make use of these
projects, for the use of each project; such fees and charges
shall be so fixed in respect to the aggregate of moneys neces-
sary to re-tire the revenue bonds herein authorized and to
maintain,, repair and operate these projects,, and to pay the
principal of and the interest on such bonds as the same shall
become due and payable and to create reserves for such pur-
poses. Such fees and charges shall not be subject to super-
vision or regulation by any other commission, board, bureau
or agency of the State. The Board of Regents of the Univer-
sity of Maryland shall set up in its working budget each year,
as a priority over all other expenditures, FROM THE FEES
AND REVENUES RECEIVED UNDER THE PROVI-
SIONS OF THIS SUB-TITLE, an amount sufficient to
cover the interest on the revenue bonds herein provided as
such interest is so due, the principal on such bonds as the
same is so due, the necessary charges of paying agencies for
paying principal and interest, and the redemption price or
the purchase price of bonds retired by call or purchase as
they are provided.

235F. (a) All moneys received by the Authority in pur-
suance of the authority of this sub-title, either as proceeds
from the sale of bonds or from revenues, shall be deemed to
be trust funds to be held and applied solely as provided in
this sub-title.

(b) Any holder of bonds issued under the provisions of this
sub-title or any of the coupons appertaining thereto and the
trustee under any trust agreement, may enforce and compel
the performance of all duties required by this sub-title or by
trust agreement to be performed by the Authority or any
officer thereof.

235G. The exercise of the powers granted by this sub-title
will be in all respects for the benefit of the people of the
State, for the increase of their education and prosperity, and
for the improvement of their health, living conditions and
general welfare, and as the operation and maintenance of pro-
jects by the Authority will constitute the performance of es-
sential governmental functions, the Authority shall not be re-
quired to pay any taxes or assessments upon any project or
any property acquired or used by the Authority under the
provisions of this sub-title or upon the income therefrom; and


 

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Session Laws, 1950
Volume 587, Page 361   View pdf image (33K)
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