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Session Laws, 1966
Volume 678, Page 512   View pdf image (33K)
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512                                   LAWS OF MARYLAND                          [CH. 242

(b) Any holder of bonds issued under the provisions of Sections
166A-166K, inclusive, of this subtitle, or any of the coupons apper-
taining thereto, and the trustee under any trust agreement, except
to the extent the rights herein given may be restricted by such trust
agreement or by the resolution authorizing the issuance of such
bonds, may, either at law or in equity, by suit, action, mandamus
or other proceedings, protect and enforce any and all rights under
the laws of the State or granted hereunder or under such trust agree-
ment or such resolution, and may enforce and compel the perform-
ance of all duties required by the provisions of Sections 166A-166K,
inclusive, of this subtitle or by such trust agreement or such resolu-
tion to be performed by the Board of Trustees or any officer thereof,
including the fixing, charging and collecting of fees, rents and
charges.

166G.

The exercise of the powers granted by the provisions of Sections
166A-166K, inclusive, of this subtitle will be in all respects for the
benefit of the people of this 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 main-
tenance of said facilities and accommodations by said Board of
Trustees will constitute the performance of essential governmental
functions, said Board of Trustees 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 under the provisions of
Sections 166A-166K, inclusive, of this subtitle or upon the income
therefrom; and the bonds issued under the provisions of Sections
166A-166K, inclusive, of this subtitle, their transfer and income
therefrom (including any profit made on the sale thereof), shall be
at all times free from taxation by the State of Maryland or by any
of its political subdivisions, or by any town or incorporated munici-
pality or any other public agency within the State.

166H.

(a)  Said Board of Trustees is further authorized to provide by
resolution for the issuance of revenue bonds of the Board of Trustees
for the purpose of refunding any revenue bonds or revenue refunding
bonds then outstanding which shall have been issued under the pro-
visions of Sections 166A-166K, inclusive, of this subtitle, 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 Board of Trustees in
respect to the same shall be governed by the provisions of Sections
166A-166K, inclusive, of this subtitle so far as the same may be
applicable.

(b)  Bonds issued under the provisions of Sections 166A-166K,
inclusive, of this subtitle 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


 

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Session Laws, 1966
Volume 678, Page 512   View pdf image (33K)   << PREVIOUS  NEXT >>


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