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826
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LAWS OF MARYLAND
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Ch. 185
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trustees 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 board of trustees, 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 board of trustees. The
use and disposition of moneys to the credit of such sinking fund
shall be subject to the provisions of the resolutions authorizing
the issuance of such bonds or of such trust agreement.
Notwithstanding any of the foregoing provisions of this
section, the board of trustees may, by resolution passed prior to
the issuance of revenue bonds under the provisions of §§ 12A-12J,
inclusive, of this subtitle or in the trust agreements securing
such bonds, covenant to pay all or any part of the cost of
maintaining, equipping, repairing and operating any auxiliary
facility or auxiliary facilities, and inasmuch as each such
auxiliary facility shall at all times belong to the State, such
covenant shall have the force of contract between the State of
Maryland acting by the board of trustees and the holders of the
revenue bonds or revenue refunding bonds issued on account of
such project or projects.
Without in any way limiting or restricting the effect or
application thereof, the provisions of §§ 12A-12J, inclusive, of
this subtitle are intended and shall be construed to authorize
the board of trustees of the State UNIVERSITIES AND colleges to
finance any auxiliary facility or any combination of auxiliary
facilities (including, in all cases, combinations of auxiliary
facilities at two or more of the public UNIVERSITIES AND
colleges under its direction and control) by any combination of
issue or series of bonds which shall be secured by the pledge of
the net or gross (or combination thereof) fees, rents, charges or
other revenues (from any auxiliary facility or combination of
auxiliary facilities) designated by the resolution or resolutions
authorizing the issuance of such bonds or by the trust agreement
or agreements securing such bonds.
12-I.
(a) The title to any property acquired or constructed under
the provisions of §§ 12A-12J, inclusive, of this subtitle shall
be in the State of Maryland to the benefit and use of the board
of trustees of the State UNIVERSITIES AND colleges.
(b) The State of Maryland hereby consents to the use of any
lands owned by it which may be suitable and necessary for the
construction or operation of any of the buildings and facilities
authorized by the provisions of §§ 12A-12J, inclusive, of this
subtitle.
12J.
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