WILLIAM DONALD SCHAEFER, Governor                        Ch. 5

DRAFTER'S NOTE:

This corrects an erroneous cross-reference in Section
9 of Ch. 246, Acts of 1988.

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 until such time as all present
obligations secured by such property [remain] ARE NO LONGER
outstanding. Any property, including present and future revenues
therefrom, of the University of Maryland System that was
transferred pursuant to this Act from the former Board of
Trustees of State Universities and Colleges, or any institution
formerly under the jurisdiction of such Board, or acquired by the
University of Maryland System for the use of a constituent
institution that prior to this Act was under the jurisdiction of
the former Board of Trustees of State Universities and Colleges,
shall not be subject to any contract, agreement, indenture,
pledge or other obligation made or entered into by the former
University of Maryland until such time as all present
[obligation] OBLIGATIONS secured by such property [remain] ARE NO
LONGER outstanding. Unless the Board of Regents determines
otherwise, all property, including present and future revenues
therefrom, acquired by or for the benefit of the University of
Maryland System, for use by a constituent institution or a center
that was not in existence on June 30, 1988, shall not be subject
to any contract, agreement, indenture, pledge or other obligation
entered into or made by the former University of Maryland or the
former Board of Trustees of State Universities and Colleges.

DRAFTER'S NOTE:

This corrects nonsensical language and a misspelled
word in Section 20 of Ch. 246, Acts of 1988.
According to Susan J. Mathias, Esq., Assistant
Attorney General for the University of Maryland
System, the nonsensical language threatens the
System's bonding authority.

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