MARVIN MANDEL, Governor

2633

THE PROVISIONS OF §§ 9-11, INCLUSIVE, OF ARTICLE 31 OF
THE ANNOTATED CODE, DO NOT APPLY TO REVENUE BONDS ISSUED
UNDER THE PROVISIONS OF THIS SUBTITLE.

(H) ANY BONDS ISSUED UNDER THE AUTHORITY OF THIS
SUBTITLE DO NOT CREATE OR CONSTITUTE ANY INDEBTEDNESS OR
OBLIGATION OF THE STATE OF MARYLAND OR OF ANY POLITICAL
SUBDIVISION EXCEPT THE BOARD, AND THE BONDS SHALL SO
STATE ON THEIR FACE. THE BONDS DO NOT CONSTITUTE A DEBT
OR OBLIGATION CONTRACTED BY THE GENERAL ASSEMBLY OR
PLEDGE THE FAITH AND CREDIT OF THE STATE WITHIN THE
MEANING OF § 34 OF ARTICLE III OF THE CONSTITUTION OF THE
STATE.

(I) SUBJECT TO THE PROVISIONS OF SUBSECTION (3),
ONLY FEES, RENTS, CHARGES AND REVENUES RECEIVED FROM THE
USE OF THE HOUSING UNIT OR UNITS CONSTRUCTED FROM THE
PROCEEDS OF THE BONDS ISSUED UNDER THE PROVISIONS OF THIS
SUBTITLE SHALL BE USED OR APPROPRIATED FOR THE PAYMENT OF
THE INTEREST OR PRINCIPAL OF THE BONDS. EXCEPTIONS: (1)
ALL OR ANY PART OF THE FEES, RENTS, CHARGES AND REVENUES
RECEIVED FROM THE USE OF THE RELATED FACILITIES IN THE
HOUSING UNIT OR UNITS CONSTRUCTED FROM THE PROCEEDS OF
THE BONDS ISSUED UNDER THE PROVISIONS OF THIS SUBTITLE,
AT THE OPTION OF THE BOARD MAY BE EXCLUDED FROM PAYMENT
OF THE INTEREST OR PRINCIPAL OF THE BONDS; AND (2) PRIOR
TO AND DURING CONSTRUCTION AND FOR ONE YEAR AFTER
COMPLETION OF CONSTRUCTION OF ANY HOUSING UNIT OR HOUSING
UNITS FOR WHICH BONDS HAVE BEEN ISSUED, THE INTEREST ON
THE BONDS MAY BE PAID OUT OF THE PROCEEDS OF THE BONDS OR
OUT OF OTHER MONEYS ALLOCATED FOR THAT PURPOSE.

(J) THE BOARD MAY FIX AND REVISE FEES, RENTS AND
CHARGES FOR THE USE OF ANY EXISTING HOUSING UNIT OR UNITS
AT ANY OF THE PUBLIC COLLEGES UNDER ITS DIRECTION AND
CONTROL AND MAY DESIGNATE AND PLEDGE ALL OR ANY PART OF
THE FEES, RENTS, CHARGES AND OTHER REVENUES FROM ANY
EXISTING HOUSING UNIT OR UNITS, AS ADDITIONAL SECURITY
FOR THE BONDS AUTHORIZED BY THIS SUBTITLE. THE FEES,
RENTS, CHARGES AND REVENUES DESIGNATED AND PLEDGED AS
ADDITIONAL SECURITY SHALL BE SUBJECT TO ANY PLEDGE OR
ASSIGNMENT PROVIDED IN ANY TRUST AGREEMENT ENTERED INTO
PURSUANT TO THIS SUBTITLE AND SHALL BE TREATED IN ALL
RESPECTS THE SAME AS PROVIDED IN THIS SUBTITLE FOR FEES,
RENTS, CHARGES AND REVENUES RECEIVED FROM THE USE OF THE
HOUSING UNIT OR UNITS CONSTRUCTED FROM THE PROCEEDS OF
THE BONDS ISSUED UNDER THE PROVISIONS OF THIS SUBTITLE.

77.

THE BOARD MAY SECURE ANY BONDS ISSUED UNDER THE
PROVISIONS OF THIS SUBTITLE WITH A TRUST AGREEMENT
BETWEEN THE BOARD AND A CORPORATE TRUSTEE, WHICH MAY BE
ANY TRUST COMPANY OR BANK HAVING THE POWERS OF A TRUST
COMPANY WITHIN OR WITHOUT THE STATE. ANY TRUST AGREEMENT
MAY PLEDGE OR ASSIGN THE INCOME, FEES, RENTS, CHARGES AND