616

LAWS OF MARYLAND

Ch. 22

The exercise of the powers granted by 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 projects by said University will constitute
the performance of essential governmental functions, said
University shall not be required to pay any taxes or
assessments upon any project or any property acquired or
used by said University under the provisions of this
subtitle or upon the income therefrom; and the bonds issued
under the provisions 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.

25.  Same—Refunding bonds; legal investments.

(a)    Refunding bonds. —Said University is further
authorized to provide by resolution of its board of regents
for the issuance of revenue bonds of the University for the
purpose of refunding any revenue bonds or revenue refunding
bonds then outstanding which shall have been issued under
the provisions 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 University in respect to the same shall
be governed by the provisions of this subtitle so far as the
same may be applicable.

(b)   Legal investments. —Bonds issued under the
provisions 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 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. Such bonds are hereby made securities
which may properly and legally be deposited with and
received by any State or municipal officer or any agency or
political subdivision of the State for any purpose for which
the deposit of bonds or other obligations of the State is
now or may hereafter be authorized by law.

26.  Title to and use of property.

(a) Title to property. —-The title to any property
acquired or constructed under the provisions of this
subtitle shall be in the State of Maryland to the benefit
and use of the University of Maryland.