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 as provided by the provisions of this title.
Md. Code Ann., Educ. § 19-106
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.