BLAIR LEE III, Acting Governor                          645

fund, without preference or priority of the bonds first
issued. If the proceeds of the bonds of any issue exceed
the cost of the housing unit or housing units for which they
are issued, the surplus shall be deposited to the credit of
the sinking fund for the bonds.

(f)  Prior to the preparation of definitive bonds, the
board under like restrictions, may issue interim receipts or
temporary bonds, with or without coupons, exchangeable for
definitive bonds when the bonds are executed and available
for delivery. The board may provide for the replacement of
any bonds mutilated, destroyed, or lost.

(g)  Bonds may be issued under the provisions 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 required specifically by
provisions of this subtitle. The provisions of §§ 9—11,
inclusive, of Article 31 of the Annotated Code, do not apply
to revenue bonds issued under the provisions of this
subtitle.

(h) Any bonds issued under the authority of this
subtitle do not create or constitute any indebtedness or
obligation of the State of Maryland or of any political
subdivision except the board, and the bonds shall so state
on their face. The bonds do not constitute a debt or
obligation contracted by the General Assembly or pledge the
faith and credit of the State within the meaning of § 34 of
Article III of the Constitution of the State.

(i) Subject to the provisions of subsection (3), only
fees, rents, charges and revenues received from the use of
the housing unit or units constructed from the proceeds of
the bonds issued under the provisions of this subtitle shall
be used or appropriated for the payment of the interest or
principal of the bonds. Exceptions: (1) All or any part of
the fees, rents, charges and revenues received from the use
of the related facilities in the housing unit or units
constructed from the proceeds of the bonds issued under the
provisions of this subtitle, at the option of the board may
be excluded from payment of the interest or principal of the
bonds; and (2) prior to and during construction and for one
year after completion of construction of any housing unit or
housing units for which bonds have been issued, the interest
on the bonds may be paid out of the proceeds of the bonds or
out of other moneys allocated for that purpose.

(j) The board may fix and revise fees, rents and
charges for the use of any existing housing unit or units at
any of the public colleges under its direction and control
and may designate and pledge all or any part of the fees,
rents, charges and other revenues from any existing housing
unit or units, as additional security for the bonds
authorized by this subtitle. The fees, rents, charges and
revenues designated and pledged as additional security shall