630

LAWS OF MARYLAND

Ch. 22

such trust agreement may set forth the rights and remedies
of the bondholders and of the trustee, and may restrict the
individual right of action by bondholders as is customary in
trust agreements or trust indentures securing bonds and
debentures of corporations. In addition to the foregoing,
any such trust agreement may contain such other provisions
as said University may deem reasonable and proper for the
security of the bondholders, including covenants to abandon,
restrict or prohibit the construction or operation of
competing facilities. All expenses incurred in carrying
out the provisions of any such trust agreement may be
treated as a part of the cost of the operation of the
dormitory or dormitories.

27-0. Same—Fees, rents and charges; sinking fund; covenant
of University to pay cost.

The University of Maryland is hereby authorized (a) to
fix, revise, charge and collect fees, rents and other
charges from students for the use of any dormitory or
dormitories or any part thereof, and (b) to contract with
any individual, partnership, association or corporation
desiring to use a part of any dormitory as a facility
related to such dormitory such as an eating facility, and to
fix the terms, conditions, fees, rents and rates of charges
for such use. The fees, rents, charges and revenues from
the dormitory or dormitories shall be so fixed and adjusted
from time to time as to provide a fund sufficient to pay (i)
the cost of maintaining, repairing and operating such
dormitory or dormitories and (ii) the principal of and the
interest on such bonds as the same shall become due and
payable, and to create reserves for such purposes. Such
fees, rents and charges shall not be subject to supervision
or regulation by any other commission, board, bureau or
agency of the State. The fees, rents, charges and other
revenues derived from the dormitory or dormitories (except
such part thereof as may be necessary to pay the cost of
maintaining, equipping, repairing and operating the same and
to provide such reserves therefor as may be provided for in
the trust agreement securing the same) shall be set aside at
such regular intervals as may be provided in 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 trust
agreement. Such pledge shall be valid and binding from the
time when the pledge is made; such fees, rents, charges and
other revenues or other moneys so pledged and thereafter
received by the University shall immediately be subject to
the lien of such pledge without any physical delivery
thereof or further act, and the lien of any such pledge
shall be valid and binding as against all parties having any
claims of any kind in tort, contract or otherwise against
the University, irrespective of whether such parties have
notice thereof. The use and disposition of moneys to the