676 LAWS OP MARYLAND [CH. 264

235G. The exercise of the powers granted by this sub-
title will be in all respects for the benefit of the people of
this State, for the increase of their education and pros-
perity, and for the improvement of their health, living
conditions and general welfare, and as the operation and
maintenance of projects by [the Authority] said Univer-
sity will constitute the performance of essential govern-
mental functions, [the Authority] said University shall
not be required to pay any taxes or assessments upon any
project or any property acquired or used by [the Author-
ity] said University under the provisions of this sub-title
or upon the income therefrom; and the bonds issued under
the provisions of this sub-title, their transfer and income
therefrom (including any profit made on the sale thereof)
shall at all times be free from taxation by the State of
Maryland or by any of its political sub-divisions, or by any
town or incorporated municipality or any other public
agency within the State.

235H. (a) Said University is further authorized to pro-
vide by resolution of its Board of Regents for the issuance
of revenue bonds of the State UNIVERSITY for the pur-
pose of refunding any revenue bonds or revenue refunding
bonds then outstanding which shall have been issued under
the provisions of this sub-title, including the payment of
any redemption premium thereon and any interest accrued
or to accrue to the date of redemption) of such bonds. The
issuance of such bonds, the maturities and other details
thereof, the rights, and remedies of the holders thereof, the
security therefor, and the rights, duties and obligations of
said University in respect to the same shall be governed by
the provisions of this sub-title so far as the same may be
applicable.

(b) Bonds issued under the provisions of this sub-title
are hereby made securities in which all public officers and
public agencies of the State and its political sub-divisions,
and all banks, trust companies, savings and loan associa-
tions, investment companies and others carrying on a
banking business, all insurance companies and insurance
associations and others carrying on an insurance business,
all administrators, executors, guardians, trustees and other
fiduciaries, and all other persons may legally and properly
invest funds, including capital in their control or belong-
ing to them. Such bonds are hereby made securities which
may properly and legally be deposited with and received
by any State or municipal officer or any agency or political
sub-division of the State for any purpose for which the
deposit of bonds or other obligations of the State is now
or may hereafter be authorized by law.