2656

LAWS OF MARYLAND

Ch. 704

BUT MAY NOT CONFLICT, WITH THE REQUIREMENTS OF ANY OTHER LAW
APPLICABLE TO THE ISSUANCE OF BONDS.

(B) (1) NOTWITHSTANDING ANY OTHER PROVISION OF LAW OR
CHARTER, LENDING INSTITUTIONS MAY BORROW MONEY FROM THE
AUTHORITY, MAKE EDUCATION LOANS AND TAKE ALL OTHER ACTIONS AND DO
ALL THOSE THINGS NECESSARY OR CONVENIENT TO CONSUMMATE THE
TRANSACTIONS CONTEMPLATED UNDER THIS SUBTITLE.

(2) THE AUTHORITY MAY ESTABLISH, CHARGE, CONTRACT
FOR, AND COLLECT ANY AMOUNT OR RATE OF INTEREST OR COMPENSATION
WITH RESPECT TO AUTHORITY LOANS AND LENDING INSTITUTIONS OR THE
AUTHORITY MAY CONTRACT FOR, CHARGE AND COLLECT ANY AMOUNT OR RATE
OF INTEREST OR COMPENSATION WITH RESPECT TO EDUCATION LOANS.
NEITHER THE AUTHORITY NOR ANY LENDING INSTITUTION OR ANY
PARTICIPATING INSTITUTION IN A LOAN PROGRAM UNDER THIS SUBTITLE
SHALL BE SUBJECT TO THE LICENSING PROVISIONS OF TITLE 11 OF THE
FINANCIAL INSTITUTIONS ARTICLE OF THE ANNOTATED CODE OF MARYLAND
AND THE CREDIT REGULATIONS OF TITLE 12 OF THE COMMERCIAL LAW
ARTICLE OF THE ANNOTATED CODE OF MARYLAND.

31-117.

THE AUTHORITY MAY NOT BE REQUIRED TO PAY ANY TAXES OR
ASSESSMENTS OF ANY KIND WHATSOEVER AND ITS BONDS, THEIR TRANSFER,
THE INTEREST PAYABLE ON THEM, AND ANY INCOME DERIVED FROM THEM,
INCLUDING ANY PROFIT REALIZED IN THEIR SALE OR EXCHANGE, SHALL BE
EXEMPT AT ALL TIMES FROM EVERY KIND AND NATURE OF TAXATION BY THE
STATE OF MARYLAND OR BY ANY OF ITS POLITICAL SUBDIVISIONS,
MUNICIPAL CORPORATIONS, OR PUBLIC AGENCIES OF ANY KIND.

31-118.

THE AUTHORITY IN ITS CORPORATE EXISTENCE SHALL CONTINUE
UNTIL TERMINATED BY LAW BUT NO LAW TERMINATING ITS EXISTENCE
SHALL TAKE EFFECT AS LONG AS ANY BONDS OF THE AUTHORITY ARE
OUTSTANDING AND UNPAID WITHOUT ADEQUATE PROVISION FOR PAYMENT
HAVING BEEN MADE. UPON TERMINATION OF ITS EXISTENCE, ALL RIGHTS,
PRIVILEGES, AND PROPERTY OF THE AUTHORITY SHALL PASS TO AND BE
VESTED IN PRINCE GEORGE'S COUNTY, MARYLAND.

31-119.

THE PROVISIONS OF THIS SUBTITLE ARE SEVERABLE, AND IT IS THE
INTENTION TO CONFER THE WHOLE OR ANY PART OF THE POWERS HEREIN
PROVIDED FOR, AND IF ANY OF THE PROVISIONS OF THIS SUBTITLE SHALL
BE HELD UNCONSTITUTIONAL BY ANY COURT OF COMPETENT JURISDICTION,
THE DECISION OF SUCH COURT SHALL NOT AFFECT OR IMPAIR ANY OF THE
REMAINING PROVISIONS OF THIS SUBTITLE. IT IS HEREBY DECLARED TO
BE THE LEGISLATIVE INTENT THAT THIS SUBTITLE WOULD HAVE BEEN
ADOPTED HAD SUCH UNCONSTITUTIONAL PROVISIONS NOT BEEN INCLUDED
HEREIN.