PARRIS N. GLENDENING, Governor                             Ch. 433

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

(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
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

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

(c) (1) Except as provided in paragraph (3) of this subsection, 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) $647,304,260 for the University of Maryland System;

(ii) $40,000,000 for Morgan State University;

(iii) [$15,000,000] $25,000,000 for St. Mary's College of Maryland; and

(iv) $15,000,000 for Baltimore City Community College.

(2)     Bonds outstanding do not include:

(i) Bonds previously issued by a system or any predecessor that are to
be refunded, but only:

1.       To the extent of any outstanding principal on the bonds that
are being refunded; and

2.       If an escrow or other similar arrangement has been made and
held by the State Treasurer, a bank, or a trust company for the payment of such bonds,
whether or not redeemed; or

(ii) Borrowings pursuant to Section 12-105(c) of this article, except to
the extent that such borrowings are subject to a financing agreement the term of which is
for more than 5 years for the acquisition of the personal property.

(3)     Notwithstanding any other provision in this subsection, the Baltimore
City Community College may issue bonds only for the purpose of financing auxiliary
facilities.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 1995.

Approved May 18, 1995.

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