Ch. 5

LAWS OF MARYLAND

In order to provide auxiliary facilities a system may:

(2) (i) Issue revenue bonds, certificates, notes,
demand notes, commercial paper, or other evidences of
indebtedness (all hereinafter called [bonds] "BONDS") for the
purpose of financing or refinancing all or any part of the cost
of any 1 or more projects or any capital lease. A system may
establish 1 or more trust funds for the deposit of the proceeds
of the bonds of any issue and retain the interest revenue of
other investment income thereon to be applied to the cost of any
project. The aggregate principal amount of such bonds
outstanding and the present value of capital lease payments, less
the amount of any reserve requirement established for the bonds
or capital leases as of the date of issue of the bonds or capital
leases may not exceed the following:

Maryland system;
University; and
Maryland.

1.  $225,000,000 for the University of

2.  $25,000,000 for Morgan State

3.  $15,000,000 for St. Mary's College of

(3) Fix, revise, charge, and collect fees, rents, and
other charges or revenues (all hereinafter called [auxiliary
facilities fees] "AUXILIARY FACILITIES FEES") for the use of any
auxiliary facility and pledge all or any part of such auxiliary
facilities fees as security for bonds issued by a system. The
system may establish 1 or more trust funds for the deposit of the
moneys collected from any auxiliary facilities fees which may be
imposed pursuant to this subtitle, and retain the interest
revenue or other investment income thereon, for the purpose of
acquiring, constructing, reconstructing, renovating, equipping,
maintaining, repairing, and operating auxiliary facilities;

DRAFTER'S NOTE:

Error: Omitted quotation marks in § 19-102(2)(i) and
(3) of the Education Article.

Occurred: Ch. 246, Acts of 1988.

21-504.

(b) The Committee shall consist of the following:

(1) 1 representative each from:

(iii) The [Nonretarded Developmentally Disabled
Program Division, Mental Retardation] DEVELOPMENTAL Disabilities
Administration of the Department of Health and Mental Hygiene;

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