624

LAWS OF MARYLAND

Ch. 22

The exercise of the powers granted by the provisions of
§§ 27A-27J, 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 University will
constitute the performance of essential governmental
functions, said University 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 by said
University under the provisions of §§ 27A-27J, inclusive, of
this subtitle or upon the income therefrom; and the bonds
issued under the provisions of §§ 27A—27J, 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.

27H. Same—Refunding bonds; bonds made legal investment;
use of bonds as securities for deposits.

(a)   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 §§ 27A-27J, inclusive, 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 §§ 27A—27J,
inclusive, of this subtitle so. far as the same may be
applicable.

(b)    Bonds issued under the provisions of §§ 27A—27J,
inclusive, 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 associations and others
carrying on an 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.