WILLIAM DONALD SCHAEFER, Governor                   Ch. 246

(B) (1) SUBJECT TO § 12-104(F) OF THIS ARTICLE AND ANY
OTHER LIMITATIONS OF LAW, THE BOARD MAY ACQUIRE, SELL, EXCHANGE,
AND LEASE PROPERTY.

(2) THE TITLE TO ANY LAND ACQUIRED BY THE UNIVERSITY
OF MARYLAND SYSTEM SHALL BE IN THE STATE OF MARYLAND FOR THE USE
OF THE UNIVERSITY OF MARYLAND SYSTEM.

(C)  (1) THE BOARD MAY BORROW MONEY TO CONSTRUCT CAPITAL
IMPROVEMENTS OR TO ACQUIRE INTERESTS IN REAL AND ACQUIRE
INTERESTS IN PERSONAL PROPERTY, INCLUDING FIXTURES FIXTURES, FOR
THE UNIVERSITY OF MARYLAND SYSTEM, ON SUCH TERMS AND CONDITIONS
AS THE BOARD CONSIDERS PROPER.

(2)  SUCH BORROWING MAY BE SECURED BY THE PERSONAL
PROPERTY ACQUIRED OR REVENUES DERIVED FROM SUCH PROPERTY.

(3)  (I) SUCH BORROWING DOES NOT CREATE OR CONSTITUTE
ANY INDEBTEDNESS OR OBLIGATION OF THE STATE OR ANY POLITICAL
SUBDIVISION OF THE STATE OTHER THAN THE UNIVERSITY.

(II) SUCH BORROWING DOES 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.

(D) (C) (D) (1) ALL INCOME OF THE UNIVERSITY SHALL BE
DEPOSITED:

(I)  IN THE STATE TREASURY; OR

(II)  AS THE STATE TREASURER DIRECTS.

(2)  BY AN APPROVED BUDGET AMENDMENT, THE UNIVERSITY
MAY SPEND, OR ENCUMBER, WITHIN THE FISCAL YEAR IN WHICH THEY ARE
RECEIVED, REVENUES RECEIVED IN EXCESS OF THOSE ESTIMATED FOR ANY
FISCAL YEAR.

(3)  ALL UNEXPENDED OR UNENCUMBERED BALANCES OF THE
UNIVERSITY'S REVENUES:

(I)  SHALL BE REPORTED TO THE COMPTROLLER AT THE
END OF THE FISCAL YEAR FOR WHICH THE APPROPRIATION WAS MADE;

(II)  DO NOT REVERT TO THE GENERAL TREASURY OF
THE STATE AT THE END OF EACH FISCAL YEAR; AND

(III)  SHALL BE AVAILABLE FOR EXPENDITURE
THROUGH AN APPROPRIATION CONTAINED IN A BUDGET BILL OR THROUGH AN
APPROVED BUDGET AMENDMENT.

- 2423 -