646

LAWS OF MARYLAND

Ch. 22

be subject to any pledge or assignment provided in any trust
agreement entered into pursuant to this subtitle and shall
be treated in all respects the same as provided in this
subtitle for 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.

77.  Same—Securing by trust agreement.

The board may secure any bonds issued under the
provisions of this subtitle with a trust agreement between
the board and a corporate trustee, which may be any trust
company or bank having the powers of a trust company within
or without the State. Any trust agreement may pledge or
assign the income, fees, rents, charges and other revenues
to be received from the use of the housing unit or units,
including the related facilities in connection with which
the bonds secured by the trust agreement are issued, but may
not convey or mortgage any housing unit or any part of a
unit. Any trust agreement or any resolution providing for
the issuance of bonds may contain provisions for protecting
and enforcing the rights and remedies of the bondholders
reasonable and proper and not in violation of law, including
covenants setting forth: (1) the duties of the board in
relation to the acquisition of property, (2) the
construction, improvement, maintenance, repair, operation
and insurance of the housing unit or units in connection
with which bonds have been authorized, (3) the custody,
safeguarding and application of all moneys, (4) provisions
for the employment of independent consultants in connection
with the construction or operation of the housing unit or
units. Any bank or trust company incorporated under the
laws of the State which acts as a depository of the proceeds
of the bonds or revenues may furnish the indemnifying bonds
or pledge the securities as required by the board. Any
trust agreement may provide the rights and remedies of the
bondholders and trustee, and restrict the individual right
of action by bondholders as is customary in trust agreements
or trust indentures securing bonds and debentures of
corporations. Any trust agreement may contain other
provisions the board deems reasonable and proper for the
security of the bondholders, including covenants to abandon,
restrict or prohibit the construction or operation of
competing facilities and covenants pertaining to the
issuance of additional parity bonds upon stated conditions
within the limitations of this subtitle. The resolution
providing for the issuance of bonds is a trust agreement if
it stipulates. All expenses incurred in carrying out the
provisions of any trust agreement may be treated as a part
of the cost of the operation of the housing unit or units.

78.  Fees and contracts for use of housing units.

The board of trustees of Morgan State University may:
(a) 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