BLAIR LEE III, Acting Governor

613

the same, shall be deemed to be of the same issue and shall
be entitled to payment from the same fund without preference
or priority of the bonds first issued. If the proceeds of
the bonds of any issue shall exceed the cost of the project
or projects for which the same shall have been issued, the
surplus shall be deposited to the credit of the sinking
funds for such bonds.

(c)   Interim receipts or temporary bonds. —-Prior to
the preparation of definitive bonds, said University may,
under like restrictions, issue interim receipts or temporary
bonds, with or without coupons, exchangeable for definitive
bonds when such bonds shall have been executed and are
available for delivery. Said University may also provide
for the replacement of any bonds which shall become
mutilated or shall be destroyed or lost.

(d)   Conditions for issuance contained in subtitle.
—Bonds may be issued under the provisions of this subtitle
without obtaining the consent of any department, division,
commission, board, bureau, or agency of the State, and
without any other proceedings or the happening of any other
conditions or things than those proceedings, conditions or
things which are specifically required by this subtitle.
The provisions of §§ 9 to 11, inclusive, of Article 31, and
any amendments thereto shall not apply to revenue bonds
issued under the provisions of this subtitle.

(e)      Not obligations of State or political
subdivisions. —Any bonds issued under authority of this
subtitle shall not create or constitute any indebtedness or
obligation of the State of Maryland or of any political
subdivision thereof, except said University, either legal,
equitable, moral or otherwise, and the bonds shall so state
on their face; nor shall such bonds constitute a debt or
obligation contracted by the General Assembly or pledge the
faith and credit of the State within the meaning of § 34 of
Article 3 of the Constitution of the State. Only fees,
charges and revenues received from the use of the buildings
constructed from the proceeds of bonds issued under the
provisions of this subtitle, shall be used or appropriated
for the payment of interest or principal of such bonds;
provided, however, that prior to and during construction and
for one year after completion of construction of any project
or projects for which bonds have been issued, the interest
on such bonds may be paid out of the proceeds of such bonds
and/or out of such moneys as may be allocated for such
purpose.

21. Same—How secured.

In the discretion of said University any bonds issued
under the provisions of this subtitle may be secured by a
trust agreement by and between said University 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 and other revenues to be received from the