2832                                         LAWS OF MARYLAND                                     Ch. 537

and accommodations by the University constitutes the performance
of essential governmental functions. The University 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 Act or upon the income
therefrom. Bonds issued under the provisions of this Act, their
transfer and income, including any profit made on their sale, are
free from taxation by the State or by any of its political
subdivisions, or by any town or incorporated municipality or any
other public agency within the State.

8.

The University may provide by resolution for the issuance of
bonds for the purpose of refunding any bonds or refunding bonds
then outstanding which are issued under the provisions of this
Act, including the payment of any redemption premium and any
interest accrued or to accrue to the date of redemption of the
bonds. The provisions of this Act govern: (1) the issuance of
the refunding bonds, (2) their maturities and other details, (3)
the rights and remedies of the bondholders, (4) the security for
the refunding bonds, and (5) the rights, duties, and obligations
of the University.

9.

Bonds issued under the provisions of this Act are securities
in which all of the following may legally and properly invest
funds, including capital in their control or belonging to
them: (1) public officers and public agencies of the State and
its political subdivisions, (2) banks, trust companies, savings
and loan associations, investment companies, and others carrying
on a banking business, (3) insurance companies and insurance
associations and others carrying on an insurance business, (4)
administrators, executors, guardians, trustees, and other
fiduciaries, and (5) all other persons. The bonds are securities
which may properly and legally be deposited with and received by
any State or municipal officer or any agency or political
subdivision of the State for any purpose for which the deposit of
bonds or other obligations of the State is now or hereafter
authorized by law.

10.

(a)  The title to any property acquired or constructed under
the provisions of this Act shall be in the State of Maryland for
the use of the University of Maryland.

(b)  The State consents to the use of any lands owned by it
for the use of the University of Maryland which may be suitable
and necessary for the construction or operation of any of the
buildings and facilities authorized by the provisions of this Act
and covenants that it will not revoke this consent during the
term of bonds secured by fees of facilities constructed thereon.