WILLIAM DONALD SCHAEFER, Governor                      Ch. 93

PROJECTS OF A SYSTEM, INCLUDING ANY PROJECT PREVIOUSLY FINANCED
BY A SYSTEM OR ANY PREDECESSOR; OR

(II) ISSUE BONDS FOR THE PURPOSE OF ACQUIRING
ANY AUXILIARY FACILITY OR ACADEMIC FACILITY PREVIOUSLY FINANCED
THROUGH A CAPITAL LEASE WITH A SYSTEM OR ANY PREDECESSOR;

(3) [A system may establish] ESTABLISH 1 or more
trust funds for the deposit of the proceeds of the bonds of any
issue and retain the interest revenue or other investment income
thereon to be applied to the [cost] COSTS of any project, BUT
SHALL MAINTAIN SEPARATE ACCOUNTS WITHIN ANY SUCH TRUST FUNDS FOR
AUXILIARY FACILITIES AND FOR ACADEMIC FACILITIES[.]; [The
aggregate principal amount of such bonds outstanding and the
present value of capital lease payments, less the amount of any
reserve requirement established for the bonds or capital leases
as of the date of issue of the bonds or capital leases may not
exceed the following:

1.  $225,000,000 for the University of
Maryland System;

2.  $25,000,000 for Morgan State
University; and

3.  $15,000,000 for St. Mary's College of
Maryland.

(ii) Bonds outstanding may not include bonds
that have been refunded, whether or not redeemed.]

[(3)] (4) Fix, revise, charge, and collect
EDUCATIONAL AUXILIARY FACILITIES FEES AND ACADEMIC fees[, rents,
and other charges or revenues (all hereinafter called auxiliary
facilities fees) for the use of any auxiliary facility] and
pledge all or any part of such [auxiliary facilities] EDUCATIONAL
AUXILIARY FACILITIES FEES AND ACADEMIC fees as security for bonds
issued FOR AUXILIARY AND ACADEMIC FACILITIES by a system[.];

(5) [The system may establish] ESTABLISH 1 or more
trust funds for the deposit of the ANY [moneys collected from any
auxiliary facilities] EDUCATIONAL AUXILIARY FACILITIES FEES AND
ACADEMIC fees which may be imposed pursuant to this subtitle, and
retain the interest revenue or other investment income thereon,
for the purpose of acquiring, constructing, reconstructing,
renovating, equipping, maintaining, repairing, and operating
[auxiliary] EDUCATIONAL facilities AUXILIARY AND ACADEMIC
FACILITIES;

[(4) Fix, revise, charge, and collect tuition and
other student fees and pledge all or any portion of such tuition
revenues and other student fees as security for bonds issued by a
system;]

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