Ch. 93

LAWS OF MARYLAND

(i) All [fees, rents, charges, and revenues
arising from the use of any auxiliary facilities (whether or not
such facilities exist at the time of the pledge)] OR ANY PART OF
A SYSTEM'S EDUCATIONAL AUXILIARY FACILITIES FEES AND ACADEMIC
FEES;

[(ii) Tuition revenues and other student fees
collected by the System;]

[(iii)] (II) The proceeds of the bonds and
investment earnings thereon; and

[(iv)} (III) Reserves or other funds
established for the bonds under the resolution or trust agreement
or other moneys which may lawfully be applied to the payment of
the bonds.

(2) Prior to and during construction and for 1 year
after completion of construction of any [auxiliary EDUCATIONAL
AUXILIARY OR ACADEMIC facilities for which bonds have been
issued, the interest on the bonds may be paid out of the proceeds
of the bonds or out of other moneys allocated for that purpose.

(j) (1) [The System] A SYSTEM may provide, from time to
time, for the issuance and sale of its bond anticipation notes in
accordance with the procedures set forth in this title for the
issuance of bonds. The principal of and premium, if any, and
interest on the notes shall be payable out of the first proceeds
of sale of any series of bonds issued under the provisions of
this title or any other sources from which bonds issued hereunder
could be paid.

(2)  Bond anticipation notes may be issued in series
as funds are required and may be renewed or extended at maturity
with or without resale. All such notes shall be sold and
executed in the same manner as provided for bonds issued pursuant
to this title.

(3)  Except where the provisions of this title would
be inapplicable to bond anticipation notes, the term "bonds" used
in this title shall include bond anticipation notes, including
(without in any way limiting the foregoing) the provisions
pertaining to the exemption from taxation by the State and its
political subdivisions.

(K) IN CONNECTION WITH THE ISSUANCE OF ANY BONDS, AFTER
CONSULTATION WITH THE TREASURER A SYSTEM MAY OBTAIN, OR ENTER
INTO SUCH AGREEMENTS AND CONTRACTS FOR, BOND INSURANCE, RESERVE
FUND INSURANCE, A LETTER OF CREDIT, A LINE OF CREDIT, OR ANY FORM
OF ADDITIONAL, SUBSTITUTE OR REPLACEMENT SECURITY FOR ANY BONDS
AND A SYSTEM MAY PLEDGE OR ASSIGN ALL OR ANY PART OF ITS
EDUCATIONAL AUXILIARY FACILITIES FEES AND ACADEMIC FEES TO THE
REPAYMENT OR REIMBURSEMENT OF THE PROVIDER OF SUCH BOND

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