WILLIAM DONALD SCHAEFER, Governor Ch. 246

(2) THE PROCEEDS OF THE BONDS OF EACH ISSUE SHALL BE
DISBURSED UNDER THE TERMS AND CONDITIONS OF THE RESOLUTION OR
TRUST AGREEMENT RELATING TO SUCH BONDS. THE RESOLUTION OR TRUST
AGREEMENT MAY PROVIDE FOR THE ISSUANCE OF ADDITIONAL BONDS TO
FINANCE OR REFINANCE ANY AUXILIARY FACILITY. UNLESS OTHERWISE
PROVIDED IN THE RESOLUTION AUTHORIZING THE ISSUANCE OF THE BONDS
OR IN THE TRUST AGREEMENT SECURING THEM, THE ADDITIONAL BONDS
SHALL BE DEEMED TO BE OF THE SAME ISSUE AND SHALL BE ENTITLED TO
PAYMENT FROM THE SAME SOURCES WITHOUT PREFERENCE OR PRIORITY OF
THE BONDS FIRST ISSUED.

(F) PRIOR TO THE PREPARATION OF DEFINITIVE BONDS, THE
SYSTEM, UNDER LIKE RESTRICTIONS, MAY ISSUE INTERIM RECEIPTS OR
TEMPORARY BONDS, WITH OR WITHOUT COUPONS, EXCHANGEABLE FOR
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 TITLE
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 TITLE. THE
PROVISIONS OF ARTICLE 31, §§ 9 THROUGH 11 OF THE CODE DO NOT
APPLY TO BONDS ISSUED UNDER THE PROVISIONS OF THIS TITLE.

(H) ANY BONDS ISSUED UNDER THE AUTHORITY OF THIS TITLE DO
NOT CREATE OR CONSTITUTE ANY INDEBTEDNESS OR OBLIGATION OF THE
STATE OR OF ANY POLITICAL SUBDIVISION THEREOF EXCEPT THE SYSTEM,
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) (1) UNDER THE RESOLUTION OR TRUST AGREEMENT, THE SYSTEM
MAY PLEDGE TO THE PAYMENT OF THE PRINCIPAL OF AND PREMIUM, IF
ANY, AND INTEREST ON THE BONDS:

(I) 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);

(II) TUITION REVENUES AND OTHER STUDENT FEES
COLLECTED BY THE SYSTEM;

(III) THE PROCEEDS OF THE BONDS AND INVESTMENT
EARNINGS THEREON; AND

(IV) 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.

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