BLAIR LEE III, Acting Governor

605

faith and credit of the State within the meaning of § 34 of
Article III of the Constitution of the State. Subject to
the provisions of subsection (f), only fees, rents, charges
and revenues received from the use of the housing unit or
housing units constructed from the proceeds of the bonds
issued under the provisions of §§ 14B—14K, inclusive, of
this subtitle shall be used or appropriated for the payment
of the interest on or the principal of such bonds; provided,
however, that all or any part of the fees, rents, charges
and revenues received from the use of the related facilities
in the housing unit or housing units constructed from the
proceeds of the bonds issued under the provisions of §§
14B—14K, inclusive, of this subtitle, may at the option of
said board of trustees be excluded from such use and
appropriation; and provided, further, that 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 of such bonds may be
paid out of the proceeds of such bonds and/or out of such
other moneys as may be allocated for such purpose.

(f) Additional security for bonds. -—The said board
of trustees may fix and revise, from time to time, fees,
rents and charges for the use of any existing housing unit
or existing housing units at any of the public colleges
under the direction and control of said board of trustees
and may designate and pledge all or any part of such fees,
rents, charges and other revenues from any such existing
housing unit or existing housing units, as additional
security for the bonds authorized by §§ 14B—14K, inclusive,
of this subtitle. The fees, rents, charges and revenues so
designated and pledged as additional security shall be
subject to any pledge or assignment provided in any trust
agreement entered into pursuant to § 14E, of this subtitle
and shall be treated in all respects the same as provided in
§§ 14B—14K, inclusive, of this subtitle for fees, rents,
charges and revenues received from the use of the housing
unit or housing units constructed from the proceeds of the
bonds issued under the provisions of §§ 14B—14K, inclusive,
of this subtitle.

14E. Same—Trust agreement securing bonds.

In the discretion of said board of trustees any bonds
issued under the provisions of §§ 14B—14K, inclusive, of
this subtitle, may be secured by a trust agreement by and
between said board of trustees 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 such
trust agreement may pledge or assign the income, fees,
rents, charges and other revenues to be received from the
use of the housing unit or housing units (including the
related facilities) in connection with which the bonds
secured by such trust agreement shall be issued, but shall
not convey or mortgage any housing unit or any part thereof.
Any such trust agreement or any resolution providing for the
issuance of such bonds may contain such provisions for
protecting and enforcing the rights and remedies of the