628

LAWS OF MARYLAND

Ch. 22

of the State.

(b)   Use of proceeds; deficit; surplus. —The proceeds
of the bonds of each issue shall be used solely for the
payment of the cost of the dormitory or dormitories for
which such bonds shall have been issued and shall be
disbursed in such manner and under such restrictions, if
any, as the University of Maryland may provide in the trust
agreement hereinafter mentioned securing the same. If the
proceeds of the bonds of any issue, by error of estimates or
otherwise, shall be less than such cost, additional bonds
within the limitation herein contained as to the aggregate
principal amount thereof may in like manner be issued to
provide the amount of such deficit, and, unless otherwise
provided in the trust agreement securing 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 dormitory or
dormitories for which the same shall have been issued, the
surplus shall be deposited to the credit of the sinking fund
for such bonds.

(c)    Interim receipts or temporary bonds; lost or
destroyed 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)   Consent of other departments, etc.; statutory
conditions upon sale of public securities inapplicable.
—Bonds may be issued under the provisions of §§ 27K—27T,
inclusive, 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 the provisions of §§ 27K—27T, inclusive, of this
subtitle. The provisions of §§ 9—11, inclusive, of Article
31 of the Annotated Code of Maryland (1957 Edition) , and any
amendments thereto, shall not apply to revenue bonds issued
under the provisions of §§ 27K—27T, inclusive, of this
subtitle.

(e)   Not to constitute obligation of State. —Bonds
issued under the provisions of §§ 27K—27T, inclusive, of
this subtitle shall not be deemed to constitute a debt of
the State or of any political subdivision thereof or a
pledge of the faith and credit of the State or any such
political subdivision, but, subject to the provisions of
subsection (f) of this section, such bonds shall be payable
solely from the funds herein provided therefor from revenues
of dormitories. All such bonds shall contain on the face
thereof a statement to the effect that neither the