2636

LAWS OF MARYLAND

[Ch. 550

(A)     ALL MONEYS RECEIVED BY THE BOARD AS PROCEEDS
FROM THE SALE OF BONDS AUTHORIZED BY THE PROVISIONS OF
THIS SUBTITLE, AND ALL MONEYS RECEIVED BY THE BOARD BY
WAY OF FEES, RENTS, CHARGES OR OTHER REVENUES FROM THE
HOUSING UNIT 08 UNITS CONSTRUCTED FROM THE PROCEEDS OF
THE BONDS ARE TRUST FUNDS TO BE HELD AND APPLIED AS
PROVIDED BY THE PROVISIONS OF THIS SUBTITLE. IF THE
BOARD, BY RESOLUTION OR PURSUANT TO THE TERMS OF A TRUST
AGREEMENT, ELECTS TO PLEDGE OR ASSIGN THE INCOME, TEES,
RENTS, CHARGES AND OTHER REVENUES TO BE RECEIVED FROM ANY
RELATED FACILITY, ALL MONEYS RECEIVED ARE TRUST FUNDS TO
BE HELD AND APPLIED AS PROVIDED BY THE PROVISIONS OF THIS
SUBTITLE.

(B)    ANY HOLDER OF BONDS OR COUPONS ISSUED UNDER
THE PROVISIONS OF THIS SUBTITLE, AND THE TRUSTEE UNDER
ANY TRUST AGREEMENT, EXCEPT TO THE EXTENT THE RIGHTS
GIVEN MAY BE RESTRICTED BY THE TRUST AGREEMENT OR BY THE
RESOLUTION AUTHORIZING THE ISSUANCE OF THE BONDS, MAY
PROTECT AND ENFORCE ANY RIGHTS UNDER THE LAWS OF THE
STATE OR UNDER THE TRUST AGREEMENT OR RESOLUTION, AND MAY
ENFORCE AND COMPEL THE PERFORMANCE OF ALL DUTIES REQUIRED
BY THE PROVISIONS OF THIS SUBTITLE OR BY THE TRUST
AGREEMENT OR RESOLUTION TO BE PERFORMED BY THE BOARD OF
TRUSTEES OR ANY OFFICER, INCLUDING THE FIXING, CHARGING
AND COLLECTING OF FEES, RENTS AND CHARGES.

80.

THE EXERCISE OF THE POWERS GRANTED BY THE PROVISIONS
OF THIS SUBTITLE SHALL BE 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. THE OPERATION AND
MAINTENANCE OF FACILITIES AND ACCOMMODATIONS BY THE BOARD
CONSTITUTES THE PERFORMANCE OF ESSENTIAL GOVERNMENTAL
FUNCTIONS. THE BOARD MAY 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 THIS SUBTITLE OR UPON THE INCOME.
BONDS ISSUED UNDER THE PROVISION OF THIS SUBTITLE, THEIR
TRANSFER AND INCOME, INCLUDING ANY PROFIT MADE ON THEIR
SALE, ARE FREE FROM TAXATION BY THE STATE OF MARYLAND OR
BY ANY OF ITS POLITICAL SUBDIVISIONS, OR BY ANY TOWN OF
INCORPORATED MUNICIPALITY OR ANY OTHER PUBLIC AGENCY
WITHIN THE STATE.

81.

(A)            THE BOARD OF [[REGENTS]] TRUSTEES MAY PROVIDE

BY RESOLUTION FOR THE ISSUANCE OF REVENUE BONDS FOR THE
PURPOSE OF REFUNDING ANY REVENUE BONDS OR REVENUE
REFUNDING BONDS THEN OUTSTANDING WHICH ARE ISSUED UNDER
THE PROVISIONS OF THIS SUBTITLE, INCLUDING THE PAYMENT OF
ANY REDEMPTION PREMIUM AND ANY INTEREST ACCRUED OR TO