1162                             LAWS OF MARYLAND                        [CH. 536

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 259U-259AD, inclusive, of this subtitle or upon the income
therefrom; and the bonds issued under the provisions of Sections
259U-259AD, inclusive, of this subtitle, 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 subdivisions, or by any town or incorporated munici-
pality or any other public agency within the State.

259AB.

(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 reve-
nue refunding bonds then outstanding which shall have been issued
under the provisions of Sections 259U-259AD, 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 259U-259AD, inclusive, of this sub-title so far as the
same may be applicable.

(b)  Bonds issued under the provisions of Sections 259U-259AD,
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 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, execu-
tors, 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.

259AC.

(a)  The title to any property acquired or constructed under the
provisions of Sections 259U-259AD, 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 con-
struction or operation of any of the buildings and facilities au-
thorized by the provisions of Sections 259U-259AD, inclusive, of
this sub-title.

259AD.

(a) The provisions of Sections 259U-259AD, inclusive, of this
subtitle being necessary for the welfare of the State and its inhabi-
tants, shall be liberally construed to effect the purposes thereof.