WILLIAM DONALD SCHAEFER, Governor                      Ch. 93

(3)  The necessary charges of paying agents for paying
principal and interest; and

(4)  The redemption price or purchase price of bonds
retired by call or purchase as provided in the resolution or
trust agreement.

(c)  The pledge is valid and binding from the time when
made.

(d)   [Auxiliary facilities fees and other revenues]
EDUCATIONAL AUXILIARY FACILITIES FEES AND ACADEMIC FEES or other
moneys so pledged and thereafter received by [the System] A
SYSTEM are immediately subject to the lien of the pledge without
any physical delivery or further act, and the lien of any pledge
of [auxiliary facilities fees and other revenues] EDUCATIONAL
AUXILIARY FACILITIES FEES AND ACADEMIC FEES or other moneys and
the rights to receive the same is valid and binding against all
parties having any claims of any kind in tort, contract, or
otherwise against [the System] A SYSTEM, irrespective of whether
such parties have notice thereof.

(e)  Neither the resolution nor any trust agreement by which
a pledge is created need be filed or recorded except in the
records of [the System] A SYSTEM.

(f)  The use and disposition of moneys to the credit of the
sinking fund or other funds or accounts established under the
resolution or trust agreement are subject to the provisions of
the resolution authorizing the issuance of the bonds or of the
trust agreement.

(g)  Notwithstanding any provision of this section, a system
may, by resolution passed prior to the issuance of bonds under
the provisions of this title or in the trust agreement securing
the bonds, covenant to pay all or any part of the cost of
maintaining, equipping, repairing, and operating any [auxiliary]
EDUCATIONAL facilities AUXILIARY FACILITIES OR ANY ACADEMIC
FACILITIES AUTHORIZED UNDER THE REQUIREMENTS OF THIS TITLE. Each
covenant has the force of contract between [the System] A SYSTEM
and the holders of the bonds issued on account of the project or
projects.

19-106.

All moneys received by a system as proceeds from the sale of
bonds authorized by this title and all moneys received by [the
System] A SYSTEM by way of [auxiliary facilities fees]
EDUCATIONAL AUXILIARY FACILITIES FEES OR ACADEMIC FEES which are
assigned or pledged as security for the bonds shall be deemed to
be trust funds to be held and applied as provided by the
provisions of this title.

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