2826                                             LAWS OF MARYLAND                                         Ch. 537

(d)   "Bonds" means revenue bonds, certificates, notes,
demand notes, commercial paper, or other evidences of
indebtedness and shall also include bond anticipation notes.

(e)   "Costs" as applied to any project means all costs in
respect of the project, including (without limitation): (1) the
cost of acquisition, construction, reconstruction, equipping,
maintenance, repair, renovation, and operation, (2) the cost of
acquisition of all land, rights-of-way, property rights,
easements, and interests acquired by the University, (3) the cost
of all machinery and equipment, (4) financing charges and
interest prior to and during construction and for 1 year after
completion of construction, (5) the cost of architectural,
engineering, and legal expenses, plans, specifications,
feasibility studies, surveys, estimates of costs and revenue, and
other expenses necessary or desirable for determining the
feasibility or practicability of construction of any project, (6)
reserves for the payment of debt service, operating reserves, and
repair and replacement funds, and (7) administrative expenses,
and other expenses necessary or allocable to any project, the
financing or refinancing of any project, and the placing of any
project in operation.

(f)   "Project" or "projects" means the acquisition,
construction, reconstruction, equipment, maintenance, repair,
renovation, financing, and refinancing of 1 or more auxiliary
facilities.

(g)   "Resolution" means a resolution adopted by a majority
of the members of the Board of Regents of the University of
Maryland.

(h) "State" means the State of Maryland.

(i) "University" means the University of Maryland.

2.

In order to provide auxiliary facilities for the University,
the University may:

(a)  Acquire, construct, reconstruct, equip, maintain,
repair, renovate, and operate auxiliary facilities at any of its
campuses or locations, now existing or hereafter acquired;

(b)   Issue revenue bonds, certificates, notes, demand notes,
commercial paper, or other evidences of indebtedness (all
hereinafter called bonds) for the purpose of financing or
refinancing all or any part of the cost of any 1 or more
projects. THE AGGREGATE PRINCIPAL AMOUNT OF SUCH BONDS
OUTSTANDING, LESS THE NET OF ANY REQUIRED RESERVE, AT ANY TIME
MAY NOT EXCEED $96,453,000. The University may establish 1 or
more trust funds for the deposit of the proceeds of the bonds of
any issue and retain the interest revenue or other investment
income thereon to be applied to the cost of any project;