2830

LAWS OF MARYLAND

Ch. 537

4.

Any bonds issued under the provisions of this Act may be
secured by a trust agreement between the University 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
auxiliary facilities. 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 which shall include but not be limited
to: (1) the duties of the University in relation to the
acquisition of property, and the construction, improvement,
maintenance, repair, operation, use, and insurance of any
auxiliary facilities; (2) the duties of the University in
relation to auxiliary facilities fees; (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 auxiliary facilities and
requirements that the University follow the recommendation of
such independent consultants; and (5) provisions in the nature of
rate covenants requiring the establishment and revision of fees,
rents, charges, or revenues relating to auxiliary facilities at
certain levels or in accordance with procedures set forth
therein. 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 indemnifying bonds or pledge
securities as required by the University. Any trust agreement or
any resolution providing for the issuance of bonds may provide
the rights and remedies of the bondholders and trustee, and may
restrict the individual right of action by bondholders. Any
trust agreement may contain other provisions the University 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. The resolution providing for the issuance of bonds
is a trust agreement if it so 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 auxiliary
facilities.

5.

The University may contract for the use of or admission to
all or any part of any auxiliary facility with any person,
partnership, association, corporation, entity, or agency and may
fix the terms, conditions, fees, rents, and rates of charges for
use or admission. Such fees, rents, and charges may not be
subject to supervision or regulation by any other commission,
board, bureau, or agency of the State. The resolution or trust
agreement relating to any bonds may provide that the fees, rents,