(a) In this title the following words have the meanings indicated. (b) (1) “Academic facility” and “academic facilities” mean any facility or facilities, now existing or hereafter constructed or acquired, which are used primarily for the instruction of students of a system. (2) “Academic facility” and “academic facilities” also mean any facility or facilities related, required, useful, or incidental […]
(a) In order to provide auxiliary and academic facilities a system may: (1) Acquire, construct, reconstruct, equip, maintain, repair, renovate, and operate auxiliary and academic facilities at any of its campuses or locations, now existing or hereafter acquired; (2) (i) Issue bonds for the purpose of financing or refinancing all or any part of the costs of any 1 […]
(a) (1) A system may provide, by resolution, from time to time, for the issuance, in series, of its bonds for the purpose of: (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 […]
(a) Any bonds issued under the provisions of this title may be secured by a trust agreement between a system and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the State. (b) Any trust agreement may pledge or assign all or any part of […]
(a) A system may contract for the use of or admission to all or any part of any auxiliary facility or any academic facility that was authorized under the requirements of this title with any person, partnership, association, corporation, entity, or agency and may fix the terms, conditions, fees, rents, and rates of charges for use […]
All money received by a system as proceeds from the sale of bonds authorized by this title and all money received by a system by way of 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 […]
(a) The exercise of the powers granted by the provisions of this title shall be for the benefit of the people of the State, for the increase of their education and prosperity, and for the improvement of their health, living conditions, and general welfare. (b) The operation and maintenance of auxiliary or academic facilities by a system […]
(a) A system may provide by resolution for the issuance of bonds for the purpose of refunding any bonds or refunding bonds then outstanding including the payment of any redemption premium and any interest accrued or to accrue to the date of redemption of the bonds and any issuance costs of refunding bonds. (b) The provisions of […]
(a) Bonds issued under the provisions of this title are securities in which all of the following may legally and properly invest funds, including capital in their control or belonging to them: (1) Public officers and public agencies of the State and its political subdivisions; (2) Banks, trust companies, savings and loan associations, investment companies, and others carrying […]
(a) The title to any property acquired or constructed under the provisions of this title shall be in the State of Maryland for the use of a system. (b) The State consents to the use of any lands owned by it for the use of a system which may be suitable and necessary for the construction or […]
(a) The provisions of this title, being necessary for the welfare of the State and its inhabitants, shall be liberally construed to effect the purposes thereof. (b) The provisions of this title are severable, and if any of such provisions shall be held unconstitutional by any court of competent jurisdiction, the decision of such court shall not […]
This title may be referred to as the Auxiliary and Academic Facilities Bond Authority.
