THEODORE R. MCKELDIN, GOVERNOR 673

thereof, except [the Authority] said University, either
legal, equitable, moral or otherwise, and the bonds shall so
state on their face; nor shall such bonds constitute a debt
or obligation contracted by the General Assembly or pledge
the faith and credit of the State within the meaning of
Section 34 of Article 3 of the Constitution of the State.
Only fees, charges and revenues received from the use of
the buildings constructed from the proceeds of bonds issued
under the provisions of this sub-title, shall be used or ap-
propriated for the payment of interest or principal of such
bonds; provided, however, that prior to and during con-
struction and for one year after completion of construction
of any project or projects for which bonds have been is-
sued, the interest on such bonds may be paid out of the pro-
ceeds of such bonds and/or out of such moneys as may be
allocated for such purpose.

235D. In the discretion of [the Authority] said Univer-
sity any bonds issued under the provisions of this sub-title
may be secured by a trust agreement by and between [the
Authority] said University and a corporate trustee, which
may be any trust company or bank having the powers of a
trust company within or without the State. Any such trust
agreement may pledge or assign the income, fees and other
revenues to be received from the operation of the project or
projects in connection with which the bonds secured by
such trust agreement shall be issued, but shall not convey
or mortgage any project or any part thereof. Any such
trust agreement or any resolution providing for the issu-
ance of such bonds may contain such provisions for pro-
tecting and enforcing the rights and remedies of the bond-
holders as may be reasonable and proper and not in viola-
tion of law, including covenants setting forth the duties of
[the Authority] said University in relation to the acquisi-
tion of property and the construction, improvement, main-
tenance, repair, operation and insurance of the project or
projects in connection with which such bonds shall have
been authorized, and the custody, safeguarding and appli-
cation of all moneys, and provisions for the employment of
[consulting engineers] independent consultants in connec-
tion with the construction or operation of such project or
projects. It shall be lawful for any bank or trust company
incorporated under the laws of the State which may act as
depository of the proceeds of bonds or of revenues to fur-
nish such indemnifying bonds or to pledge such securities
as may be required by [the Authority] said University.
Any such trust agreement may set forth the rights and
remedies of the bondholders and of the trustee, and may

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