WILLIAM DONALD SCHAEFER, Governor                   Ch. 246

effective July 1, 1988, transferred to and assumed by the
Maryland Higher Education Commission.

SECTION 19. AND BE IT FURTHER ENACTED, That all bonds,
notes, bond anticipation notes, bond document notes in the nature
of commercial paper, or other instruments, certificates of
participation, or other certificates or evidence of indebtedness
or obligation heretofore issued by the University of Maryland,
the Board of Trustees of State Universities and Colleges, Morgan
State University, St. Mary's College of Maryland, or by the State
of Maryland for the use of any of the above named institutions or
by the governing boards of any of these institutions, or any
campus, institution, unit, or division, within or under any of
the above named institutions or boards, or issued on behalf of
any of the above named institutions or boards or the State by any
of the foregoing, and all contracts, agreements, indentures,
pledges, covenants, and other obligations heretofore made in
connection with any of the foregoing are hereby declared to be
valid, legal, binding and enforceable obligations to the extent
of the obligation as provided in any such bonds, notes,
instruments, certificates or evidences of indebtedness and the
proceedings relating to the issuance thereof. Effective July 1,
1988, the Board of Regents of the University of Maryland System
shall have the power and authority to modify or amend the terms
of such instruments or agreements, to issue or retire bonds, or
to take any other action permitted under the applicable
instruments and agreements, to the extent that the prior
governing boards of such institutions were permitted to take such
actions under the terms of the applicable instruments and
agreements.

SECTION 20. AND BE IT FURTHER ENACTED, That the pledge of
any property, including present and future revenues therefrom,
made by the former University of Maryland, the former Board of
Trustees of State Universities and Colleges, or any constituent
institution or center under the jurisdiction of the former
University of Maryland or the former Board prior to July 1, 1988,
shall continue after June 30, 1988 to the extent provided in such
pledge, subject to the other provisions of this section. Any
property, including present and future revenues therefrom, of the
University of Maryland System that was transferred pursuant to
this Act from the former University of Maryland or acquired by
the University of Maryland System for the use of a constituent
institution or center that prior to this Act was a part of the
former University of Maryland shall not be subject to any
contract, agreement, indenture, pledge or other obligation made
or entered into by the former Board of Trustees of State
Universities and Colleges so long as any obligation until such
time as all present obligations secured by such property remain
outstanding. Any property, including present and future revenues
therefrom, of the University of Maryland System that was

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