BLAIR LEE III, Acting Governor

615

bonds of any issue shall have been issued (except such part
thereof as may be necessary to pay the cost of maintaining,
equipping, repairing and operating said projects and to
provide such reserves therefor and for the payment of the
principal of and the interest on said bonds as may be
provided for in 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. The use and disposition of moneys to the credit
of such sinking fund shall be subject to the provisions of
the resolution authorizing the issuance of such bonds or of
such trust agreement. Notwithstanding any of the foregoing
provisions of this section, the University of Maryland may,
by resolution passed prior to the issuance of revenue bonds
under the provisions of this subtitle or in the trust
agreement securing such bonds, covenant to pay all or any
part of the cost of maintaining, repairing and operating any
project constructed under the provisions of this subtitle
and, inasmuch as each such project shall at all times belong
to the State, such covenant shall have the force of contract
between the University and the holders of the revenue bonds
or revenue refunding bonds issued on account of such
project.

23. Same—Trust funds; rights of holders of bonds and
coupons.

(a)    Trust funds. —All moneys received by said
University in pursuance of the authority of this subtitle,
either as proceeds from the sale of bonds or from revenues,
shall be deemed to be trust funds to be held and applied
solely as provided in this subtitle.

(b)   Rights of holders. —Any holder of bonds issued
under the provisions 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 resolution, and may enforce and compel
the performance of all duties required by this subtitle or
by such trust agreement or resolution to be performed by the
University of Maryland or any officer thereof, including the
fixing, charging and collecting of fees and charges.

24. Same—Freedom from taxation.