608

LAWS OF MARYLAND

Ch. 22

proceeds from the sale of bonds authorized by the provisions
of §§ 14B—14K, inclusive, and all moneys received by said
board of trustees by way of fees, rents, charges or other
revenues from the housing unit or housing units constructed
from the proceeds of said bonds, shall be deemed to be trust
funds to be held and applied solely as provided by the
provisions of §§ 14B—14K, inclusive, of this subtitle. In
the event that said board of trustees, by resolution or
pursuant to the terms of a trust agreement, shall elect to
pledge or assign the income, fees, rents, charges and other
revenues to be received from any related facility, all such
moneys so received shall likewise be deemed to be trust
funds to be held and applied solely as provided by the
provisions of §§ 14B—14K, inclusive, of this subtitle.

(b) Any holder of bonds issued under the provisions of
§§ 14B-14K, inclusive, of this subtitle, or any of the
coupons appertaining thereto, and the trustee under any
trust agreement, except to the extent the rights herein
given may be restricted by such trust agreement or by the
resolution authorizing the issuance of such bonds, may,
either at law or in equity, by suit, action, mandamus or
other proceedings, protect and enforce any and all rights
under the laws of the State or granted hereunder or under
such trust agreement or such resolution, and may enforce and
compel the performance of all duties required by the
provisions of §§ 14B— 14K, 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.

14E. Same—Exemption from taxation.

The exercise of the powers granted by the provisions of
§§ 14B-14K, 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 §§ 14B—14K, inclusive, of this
subtitle or upon the income therefrom; and the bonds issued
under the provisions of §§ 14B—14K, 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.

14—I. 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