J. MILLARD TAWES, GOVERNOR                            455

living conditions and general welfare, and as the operation and main-
tenance of said facilities and accommodations by said University will
constitute the performance of essential governmental functions, said
University shall not be required to pay any taxes or assessments
upon any building or buildings or any property, real, personal or
mixed, acquired or used by said University under the provisions of
Sections 259A-259J, inclusive, of this sub-title or upon the income
therefrom; and the bonds issued under the provisions of Sections
259A-259J, inclusive, 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 municipal-
ity or any other public agency within the State.

259H. (a) Said University is further authorized to provide by
resolution of its Board of Regents for the issuance of revenue bonds
of the University for the purpose of refunding any revenue bonds
or revenue refunding bonds then outstanding which shall have been
issued under the provisions of Sections 259A-259J, inclusive, 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 Uni-
versity in respect to the same shall be governed by the provisions of
Sections 259A-259J, inclusive, of this sub-title so far as the same may
be applicable.

(b) Bonds issued under the provisions of Sections 259A-259J,
inclusive, 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 associca-
tions, investment companies and others carrying on a banking busi-
ness, all insurance companies and insurance associations and others
carrying on an insurance business, cell administrators, executors,
guardians, trustees, and other fiduciaries, and all other persons may
legally and properly invest funds, including capital in their control
or belonging 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.

259-I. (a) The title to any property acquired or constructed
under the provisions of Sections 259A-259J, inclusive, of this sub-
title shall be in the State of Maryland to the benefit and use of the
University of Maryland.

(b) The State of Maryland hereby consents to the use of any lands
owned by it which may be suitable and necessary for the construction
or operation of any of the buildings and facilities authorized by the
provisions of Sections 259A-259J, inclusive, of this sub-title.

259J. The provisions of Sections 259A-259J, inclusive, of this sub-
title being necessary for the welfare of the State and its inhabitants,
shall be liberally construed to effect the purposes thereof.