648

LAWS OF MARYLAND

Ch. 22

refunding bonds issued on account of the project or
projects.

79.  Disposition of proceeds from bonds, fees, rents, etc.

(a)  All moneys received by the board as proceeds from
the sale of bonds authorized by the provisions of this
subtitle, and all moneys received by the board by way of
fees, rents, charges or other revenues from the housing unit
or units constructed from the proceeds of the bonds are
trust funds to be held and applied as provided by the
provisions of this subtitle. If the board, by resolution or
pursuant to the terms of a trust agreement, elects to pledge
or assign the income, fees, rents, charges and other
revenues to be received from any related facility, all
moneys received are trust funds to be held and applied as
provided by the provisions of this subtitle.

(b)  Any holder of bonds or coupons issued under the
provisions of this subtitle, and the trustee under any trust
agreement, except to the extent the rights given may be
restricted by the trust agreement or by the resolution
authorizing the issuance of the bonds, may protect and
enforce any rights under the laws of the State or under the
trust agreement or resolution, and may enforce and compel
the performance of all duties required by the provisions of
this subtitle or by the trust agreement or resolution to be
performed by the board of trustees or any officer, including
the fixing, charging and collecting of fees, rents and
charges.

80.   Purpose of exercise of powers; governmental functions;
exemptions from taxation.

The exercise of the powers granted by the provisions of
this subtitle shall be for the benefit of the people of this
State, for the increase of their education and prosperity,
and for the improvement of their health, living conditions
and general welfare. The operation and maintenance of
facilities and accommodations by the board constitutes the
performance of essential governmental functions. The board
may not be required to pay any taxes or assessments upon any
building or buildings or any property, real, personal or
mixed, acquired or used under the provisions of this
subtitle or upon the income. Bonds issued under the
provision of this subtitle, their transfer and income,
including any profit made on their sale, are free from
taxation by the State of Maryland or by any of its political
subdivisions, or by any town or incorporated municipality or
any other public agency within the State.

81.  Refunding bonds.

(a) The board of trustees may provide by resolution for
the issuance of revenue bonds for the purpose of refunding
any revenue bonds or revenue refunding bonds then
outstanding which are issued under the provisions of this
subtitle, including the payment of any redemption premium