1496                               LAWS OF MARYLAND                         [CH. 693

from (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 municipal-
ity or any other public agency within the State.

248S.

(a)  Said Board of Trustees is further authorized to provide by
resolution for the issuance of revenue bonds of the Board of Trus-
tees for the purpose of refunding any revenue bonds or revenue
refunding bonds then outstanding which shall have been issued
under the provisions of Sections 248L-248U, 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 Board of
Trustees in respect to the same shall be governed by the provisions
of Sections 248L-248U, inclusive, of this subtitle so far as the same
may be applicable.

(b)  Bonds issued under the provisions of Sections 248L-248U,
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 busi-
ness, 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 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 subdivision 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.

248T.

(a)   The title to any property acquired or constructed under the
provisions of Sections 248L-248U, inclusive, of this subtitle shall be
in the State of Maryland to the benefit and use of the Board of
Trustees of St. Mary's College 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 construc-
tion or operation of any of the buildings and facilities authorized
by the provisions of Sections 248L-248U, inclusive, of this subtitle.

248U.

The provisions of Sections 248L-248U, inclusive, of this subtitle
being necessary for the welfare of the State and its inhabitants,
shall be liberally construed to effect the purposes thereof.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1967.

Approved May 4, 1967.