WILLIAM DONALD SCHAEFER, Governor                      Ch. 93

[cost] COSTS of any 1 or more projects OR ANY CAPITAL LEASE OF A
SYSTEM, INCLUDING ANY PROJECT PREVIOUSLY FINANCED BY, OR CAPITAL

LEASE ENTERED INTO BY A SYSTEM OR ANY PREDECESSOR. The

principal OF AND PREMIUM, IF ANY, and interest on such bonds
shall be payable solely from the [funds herein provided for such
payment] EDUCATIONAL FEES OF A SYSTEM OR REVENUES FROM CONTRACTS,
GRANTS, OR GIFTS RECEIVED OR TO BE RECEIVED BY A SYSTEM. The
resolution

(I) FINANCING OR REFINANCING ALL OR ANY PART OF
THE COSTS OF ANY 1 OR MORE PROJECTS OF A SYSTEM, INCLUDING ANY
PROJECT PREVIOUSLY FINANCED BY A SYSTEM OR ANY PREDECESSOR; OR

(II) ACQUIRING ANY AUXILIARY FACILITY OR
ACADEMIC FACILITY PREVIOUSLY FINANCED THROUGH A CAPITAL LEASE
WITH A SYSTEM OR ANY PREDECESSOR.

(2) THE PRINCIPAL OF AND PREMIUM, IF ANY, AND
INTEREST ON BONDS FOR THE AUXILIARY AND ACADEMIC FACILITIES SHALL
BE PAYABLE SOLELY FROM: THE AUXILIARY FACILITIES FEES OF A
SYSTEM; THE ACADEMIC FEES OF A SYSTEM; A STATE APPROPRIATION
EXPRESSLY AUTHORIZED FOR THAT PURPOSE; OR THE REVENUES FROM
CONTRACTS, GRANTS, OR GIFTS RECEIVED OR TO BE RECEIVED BY A
SYSTEM. A SYSTEM SHALL MAINTAIN SEPARATE ACCOUNTS TO IDENTIFY
THE SOURCES OF PAYMENT OF THE BONDS FOR THE AUXILIARY FACILITIES
AND FOR THE ACADEMIC FACILITIES.

(3) ANY RESOLUTION shall describe the [auxiliary]
EDUCATIONAL AUXILIARY AND ACADEMIC facility or facilities to be
financed or refinanced by the bonds, the maximum principal amount
of the bonds, and the sources of payment of the bonds. FOR ANY
AUXILIARY FACILITIES, AND THE SOURCES OF PAYMENT OF THE BONDS FOR
ANY ACADEMIC FACILITIES.

(4)  The resolution may also prescribe the other
matters required or permitted to be determined by [the System] A
SYSTEM under this title or may provide that such matters may be
prescribed in a trust agreement relating to the bonds that has
been approved by [the Chairman of the Board and] such [other]
members of the Board as the resolution may prescribe.

(b) (1) The bonds of each issue shall be dated, shall bear
interest at such rate or rates, and INTEREST MAY BE CALCULATED IN
ACCORDANCE WITH ANY METHOD, AS MAY BE DETERMINED BY A SYSTEM.

(2) (I) THE BONDS OF EACH ISSUE FOR ANY AUXILIARY
FACILITIES shall mature at such time or times not exceeding
[the useful life of the project for which the bonds are issued,
but in no event exceeding [40] 33 years from their date or dates
of issue, as may be determined by [the System] A SYSTEM.

(II) THE BONDS OF EACH ISSUE FOR ANY ACADEMIC
FACILITIES SHALL MATURE AT SUCH TIMES, NOT EXCEEDING THE USEFUL

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