Ch. 93

LAWS OF MARYLAND

[(5)] (6) Acquire, hold, and dispose of real and
personal property in the exercise of its powers and the
performance of its duties under this [Act] TITLE;

[(6)] (7) Enter into all contracts and agreements
necessary or incidental to the performance of its duties and the
execution of its powers under this [Act] TITLE, and employ
consulting engineers, architects, attorneys, construction and
financial experts, and other employees and agents as may be
necessary, and fix their compensation;

[(7)] (8) Receive and accept from the United States
of America or any agency thereof grants and loans for the purpose
of financing or refinancing all or any part of the [cost] COSTS
of any 1 or more projects, and receive and accept aid or
contributions from any sources of money, property, labor, or
other things of value, to be held, used, and applied for the
purposes for which such grants and contributions were made; and

[(8)] (9) Do all acts and things necessary or
convenient to carry out the powers expressly granted by the
provisions of this title.

(B) A SYSTEM MAY NOT PLEDGE ALL OR ANY PART OF THE REVENUES
RECEIVED FROM:

(1)  A STATE APPROPRIATION;

(2)  CONTRACTS, GRANTS, OR GIFTS RECEIVED OR TO BE
RECEIVED BY A SYSTEM, OTHER THAN CONTRACTS FOR TUITION, STUDENT
FEES, ACTIVITY FEES, OR AUXILIARY FACILITIES FEES; OR

(3)  ANY OTHER SOURCE NOT EXPRESSLY AUTHORIZED BY THE
GENERAL ASSEMBLY.

(B) (C) (1) THE AGGREGATE PRINCIPAL AMOUNT OF BONDS
OUTSTANDING AND THE PRESENT VALUE OF CAPITAL LEASE PAYMENTS, LESS
THE AMOUNT OF ANY RESERVE FUND OR SINKING FUND REQUIREMENT
ESTABLISHED FOR THE BONDS OR CAPITAL LEASES, MAY NOT EXCEED, AS
OF THE DATE OF ISSUE OF THE BONDS, THE FOLLOWING:

(I)  $325,000,000 $290,000,000 FOR THE
UNIVERSITY OF MARYLAND SYSTEM;

(II)  $25,000,000 FOR MORGAN STATE UNIVERSITY;
AND

(III)  $15,000,000 FOR ST. MARY'S COLLEGE OF
MARYLAND.

(2) BONDS OUTSTANDING DO NOT INCLUDE:

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