BLAIR LEE III, Acting Governor                          599

compel the performance of all duties required by the
provisions of §§ 12A—12J, inclusive, of this subtitle, or by
such trust agreement or such resolution to be performed by
the board of trustees or any officer thereof, including the
fixing, charging and collecting of fees, rents and charges.

12G. Same—Exemption from taxation.

The exercise of the powers granted by the provisions of
§§ 12A-12J, inclusive, of this subtitle will be in all
respects 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, and as the operation and maintenance of said
facilities and accommodations by said board of trustees will
constitute the performance of essential governmental
functions, said board of trustees shall 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 §§ 12A—12J, inclusive, of this
subtitle or upon the income therefrom; and the bonds issued
under the provisions of §§ 12A—12J, inclusive, of this
subtitle, their transfer and income therefrom (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
municipality or any other public agency within the State.

12H. Same—Refunding bonds; bonds made legal investment;
use of bonds as securities for deposits.

(a)    Said board of trustees is further authorized to
provide by resolution for the issuance of revenue bonds of
the board of trustees for the purpose of refunding any
revenue bonds or revenue refunding bonds then outstanding
which shall have been issued under the provisions of §§
12A—12J, inclusive, of this subtitle, 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 §§ 12A—12J,
inclusive, of this subtitle so far as the same may be
applicable.

(b)   Bonds issued under the provisions of §§ 12A—12J,
inclusive, of this subtitle are hereby made securities in
which all public officers and public agencies of the State
and its political subdivisions, and all banks, trust
companies, savings and loan associations, investment
companies and others carrying on a banking business, 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.