BLAIR LEE III, Acting Governor

639

27Y. 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 any individual, or group or association of
individuals, authorized to use any housing unit or any part
thereof and to make mandatory the payments of such fees and
charges; (b) to contract with any individual, or group or
association of individuals, authorized and desiring to use
any housing unit or part thereof, for the use of the same
and to fix the terms, conditions, fees, rents and rates of
charges for such use; (c) to contract for the use of all or
any part of such housing unit or housing units with any
person, partnership, association, corporation, entity or
agency thereof desiring to use all or any part of such
housing unit or housing units, and to fix the terms,
conditions, fees, rents and rates of charges for such use.
The fees, rents, charges and revenues from the housing unit
or housing units in connection with which the bonds of any
issue have been issued shall be so fixed and adjusted from
time to time as to provide, when combined with other
available revenues, a fund sufficient to pay (i) the cost of
maintaining, repairing and operating such housing unit or
housing units 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 purpose. Such fees, rents and
charges shall not be subject to supervision or regulation by
any other commission, board, bureau or agency of the State.
Such fees, rents, charges and other revenues (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 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. 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.
Neither the resolution nor any trust agreement by which a
pledge is created need be filed or recorded except in the
records of said University. The use and disposition of
moneys to the credit of such sinking fund shall be subject