540                              Laws of Maryland                        ch. 240

thereof shall be obligated to pay the same or the interest thereon
except from revenues and that neither the faith and credit nor the
taxing power of the State or any political subdivision thereof is
pledged to the payment of the principal of or the interest on such
bonds.

22.    Exemption from taxation.

The exercise of the powers granted by this Article is and will be
in all respects for the benefit of the people of the State of Maryland,
for the improvement of their health and living conditions, and since
the activities of the Service and the operation and maintenance of
its projects will constitute the performance of essential governmental
functions, the Service shall be exempt from any payment of or liabil-
ity for any and all ordinary or special taxes, whether Federal, State
or local, now or hereafter levied or imposed, and any assessments or
other governmental charges. The bonds and notes of the Service
issued pursuant to the authority of this Article, their transfer, the
interest payable thereon, and any income derived therefrom, includ-
ing any profit realized in the sale or exchange thereof, shall at all
times be exempt from taxation of every kind and nature whatso-
ever by the State of Maryland or by any of its political subdivisions
municipal corporations or public agencies of any kind.

23.    Service not required to give bond or suffer liens.

The Service shall not be required to give any bond as security
for costs, supersedeas, or any other security in any suit or action
brought by or against it, or in proceedings to which it may be a
party, in any court in this State, and the Service shall have the
remedies of appeal or whatever kind to all courts without bond,
supersedeas, or security of any kind. No builder's, materialman's, con-
tractor's, laborer's or mechanic's liens of any kind or character shall
ever attach to or become a lien upon any property, real or personal,
belonging to the Service, and no assignment of wages shall be bind-
ing upon or recognized by the Service.

24. Annual reports; audits.

On or before the first day of December in each year the Service

shall make an annual report of its activities for the preceding fiscal

year to the Governor, to the Secretary of Natural Resources and to

the General Assembly. Each report shall include a complete operat-

ing and financial statement covering its operations during the year.

The Service shall cause an audit of its books and accounts to be

made at least once in each year by certified public accountants, and

the costs thereof shall be treated as an item of current expenses.

24. CREATION, ADMINISTRATION AND DEPOSIT OF FUNDS;
DEPOSITARY FOR SECURITIES; INVESTMENT OF FUNDS;
FINANCIAL ACCOUNTING AND CONTROLS; REPORTS; PUB-
LIC RECORDS.

(A) THE SERVICE MAY PROVIDE FOR THE CREATION
AND ADMINISTRATION OF SUCH FUNDS AS MAY BE RE-
QUIRED. MONIES IN SUCH FUNDS AND OTHER MONIES
OF THE SERVICE SHALL BE DEPOSITED, AS DIRECTED
BY THE SERVICE, IN ANY STATE OR NATIONAL BANK OR
FEDERALLY OR STATE INSURED SAVINGS AND LOAN AS-