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Session Laws, 1955
Volume 620, Page 927   View pdf image (33K)
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THEODORE R. McKELDIN, GOVERNOR                     927

to the foregoing, any such trust agreement may contain such other
provisions as said College may deem reasonable and proper for the
security of the bondholders, including covenants to abandon, re-
strict or prohibit the construction or operation of competing facili-
ties. All expenses incurred in carrying out the provisions of any
such trust agreement may be treated as a part of the cost of the
operation of the project or projects.

18. Morgan State College is hereby authorized (a) to fix, revise,
charge and collect fees from students of the College for the right
to use the projects or any one or more or part thereof and to make
mandatory the payment of such fees and charges; (b) to permit
persons other than students to make use of the projects or any one
or more or part thereof and to fix, revise, charge and collect fees
for use of or admission to the same; and (c) to contract with any
person, partnership, association or corporation desiring to use any
project or any part thereof for the use of the same, and to fix the
terms, conditions, rents and rates of charges for such user;
(D) TO
INCREASE FEES AND CHARGES FOR THE USE OF EXIST-
ING BUILDINGS AND TO MAKE MANDATORY THE PAY-
MENT OF SUCH INCREASE. Such fees, charges and revenues
shall be so fixed and adjusted in respect to the aggregate of moneys
necessary to retire the revenue bonds herein authorized and to pay
the principal of and the interest on such bonds as the same shall be-
come due and payable and to create reserves for such purposes.
SUCH FEES, TO THE EXTENT THAT MONIES ARE NOT PRO-
VIDED FROM OTHER FUNDS THAT MAY BE AVAILABLE,
SHALL INCLUDE AN AMOUNT NECESSARY TO PAY THE
COST AND EXPENSE OF MAINTAINING, OPERATING AND
REPAIRING THE PROJECTS. Such fees and charges shall not be
subject to supervision or regulation by any other commission, board,
bureau or agency of the State. The fees, charges and other revenues
derived from the project or projects in connection with which the
bonds of any issue shall have been issued (except such part thereof
as may be necessary for the payment of the principal of and the
interest on said bonds as may be provided for in the resolution
authorizing the issuance of such bonds or in the trust agreement
securing the same) shall be set aside at such regular intervals as
may be provided in such resolution or such trust agreement in a
sinking fund which is hereby pledged to, and charged with, the
payment of (1) the interest upon such bonds as such interest shall
fall due, (2) the principal of such bonds as the same shall fall due,
(3) the necessary charges of (paying agents for paying principal
and interest, and (4) the redemption price or purchase price of
bonds retired by call or purchase as provided in said resolution or
trust agreement. The use and disposition of moneys to the credit
of such sinking fund shall be subject to the provisions of the reso-
lution authorizing the issuance of such bonds or of such trust
agreement. Notwithstanding any of the foregoing provisions of this
section, the Morgan State College may, by resolution passed prior
to the issuance of revenue bonds under the provisions of this sub-
title or in the trust agreement securing such bonds, covenant to pay
all or any part of the cost of maintaining, repairing and operating
any project constructed under the provisions of this sub-title and,
inasmuch as each such project shall at all times belong to the State,
such covenant shall have the force of contract between the College


 

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Session Laws, 1955
Volume 620, Page 927   View pdf image (33K)
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