HARRY HUGHES, Governor

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definitive bonds when the bonds are executed and available for
delivery. The resolution or trust agreement may provide for the
replacement of any bonds mutilated, destroyed, or lost.

(g) Bonds may be issued under the provisions of this Act
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 Act. The provisions
of Article 31, §§ 9 through 11 of the Code do not apply to bonds
issued under the provisions of this Act.

(h) Any bonds issued under the authority of this Act do not
create or constitute any indebtedness or obligation of the State
or of any political subdivision thereof except the University,
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 Article III, § 34 of the Maryland Constitution.

(i) Under the resolution or trust agreement, the University
may pledge to the payment of the principal of and premium, if
any, and interest on the bonds: (1) all fees, rents, charges,
and revenues arising from the use of any auxiliary facilities
(whether or not such facilities exist at the time of the pledge),
(2) tuition revenues and other student fees collected by the
University, BUT ONLY AS A SECONDARY SECURITY OR OTHER THAN AS
PRIMARY, (3) the proceeds of the bonds and investment earnings
thereon, and (4) reserves or other funds established for the
bonds under the resolution or trust agreement or other moneys
which may lawfully be applied to the payment of the bonds. Prior
to and during construction and for 1 year after completion of
construction of any auxiliary facilities 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 University may provide, from time to time, for the
issuance and sale of its bond anticipation notes in accordance
with the procedures set forth in this Act for the issuance of
bonds. The principal of and premium, if any, and interest on the
notes shall be payable out of the first proceeds of sale of any
series of bonds issued under the provisions of this Act or any
other sources from which bonds issued hereunder could be paid.
Bond anticipation notes may be issued in series as funds are
required and may be renewed or extended at maturity with or
without resale. All such notes shall be sold and executed in the
same manner as provided for bonds issued pursuant to this Act.
Except where the provisions of this Act would be inapplicable to
bond anticipation notes, the term "bonds" used in this subtitle
shall include bond anticipation notes, including (without in any
way limiting the foregoing) the provisions pertaining to the
exemption from taxation by the State and its political
subdivisions.