BLAIR LEE III, Acting Governor

597

facility or any part thereof and to make mandatory the
payments of such fees and charges; (b) to contract with any
individual, or group or association of individuals,
authorized and desiring to use any auxiliary facility or
part thereof, for the use of the same and to fix the terms,
conditions, fees, rents and rates of charges for such use;
(c) to contract for the use of all or any part of any
auxiliary facility or auxiliary facilities with any person,
partnership, association, corporation, entity or agency
thereof desiring to use all or any part of such auxiliary
facility or auxiliary facilities and to fix the terms,
conditions, fees, rents and rates of charges for such use.
The fees, rents, charges and revenues designated as
hereinafter provided as security for any bonds issued
pursuant to §§ 12A—12J, inclusive, of this subtitle shall be
so fixed and adjusted from time to time as to provide a fund
sufficient to pay (i) the cost of maintaining, repairing and
operating such auxiliary facility in connection with which
such bonds have been issued to the extent such cost is not
otherwise provided or covenanted to be provided by the board
of trustees of the State colleges as hereinafter permitted
and (ii) the principal of and the interest on such bonds as
the same shall become due and payable, and to create
reserves for such purposes. Such fees, rents and charges
shall not be subject to supervision or regulation by any
other commission, board, bureau or agency of the State.
The fees, rents, charges and other revenues, or any part
thereof, (whether derived from the auxiliary facility in
connection with which the bonds of any issue shall have been
issued or from other auxiliary facilities) designated as
security for such bonds by the resolution authorizing the
issuance of such bonds or in the trust agreement securing
the same shall be set aside at such regular intervals as may
be provided in such resolution or such trust agreement in a
sinking fund which is hereby pledged to, and charged with,
the payment of (1) the interest upon such bonds as such
interest shall fall due, (2) the principal of such bonds as
the same shall fall due, (3) the necessary charges of paying
agents, for paying principal and interest, and (4) the
redemption price or purchase price of bonds retired by call
or purchase as provided in said resolution or trust
agreement; any amounts set aside in such sinking fund which
are not needed to provide for the payment of such items (1),
(2), (3) and (4) may be used for any other lawful purpose to
the extent provided in such resolution or such trust
agreement. Such pledge shall be valid and binding from the
time when the pledge is made; such fees, rents, charges and
other revenues or other moneys so pledged and thereafter
received by the board of trustees shall immediately be
subject to the lien of such pledge without any physical
delivery thereof or further act, and the lien of any such
pledge shall be valid and binding as against all parties
having any claims of any kind in tort, contract or otherwise
against the board of trustees, irrespective of whether such
parties have notice thereof. Neither the resolution nor
any trust agreement by which a pledge is created need be
filed or recorded except in the records of said board of
trustees. The use and disposition of moneys to the credit