WILLIAM DONALD SCHAEFER, Governor Ch. 465

violation of this section, shall upon conviction of such violation be subject to a fine not
exceeding $1,000 or imprisonment for not more than 1 year, or both.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

Approved May 29, 1990.

CHAPTER 465
(Senate Bill 428)

AN ACT concerning

Creation of a State Debt - Mount St. Mary's College

FOR the purpose of authorizing the creation of a State Debt in the amount of
$2,000,000 the proceeds to be used as a grant to Mount St. Mary's College in
Emmitsburg to assist in the planning, design, renovation, replacement,
construction, and equipping of Coad Science Building and other academic and
administrative facilities and utility systems, subject to the requirement that Mount
St. Mary's College provide up to a certain sum of a certain type of funds as a
matching fund for the same purpose by a certain date; providing that no proceeds
of the loan or any of the matching funds may be used for religious purposes; and
providing generally for the issue and sale of bonds evidencing the loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(1) The Board of Public Works may borrow money and incur indebtedness on
behalf of the State of Maryland through a State loan to be known as the Mount St.
Mary's College Loan of 1990 in the total principal amount of $2,000,000. This loan shall
be evidenced by the issuance, sale, and delivery of State general obligation bonds
authorized by a resolution of the Board of Public Works and issued, sold, and delivered
in accordance with §§ 8-117 through 8-124 of the State Finance and Procurement
Article and Article 31, § 22 of the Code.

(2) The bonds to evidence this loan or installments of this loan may be sold as a
single issue, or may be consolidated and sold as part of a single issue of bonds under §
8-122 of the State Finance and Procurement Article.

(3) The cash proceeds of the sale of the bonds shall be paid to the Treasurer and
first shall be applied to the payment of the expenses of issuing, selling, and delivering
the bonds, unless funds for this purpose are otherwise provided, and then shall be
credited on the books of the Comptroller and expended, on approval by the Board of
Public Works, for the following public purposes, including any applicable architects'
and engineers' fees: as a grant to Mount St. Mary's College in Emmitsburg to assist in
the planning, design, renovation, replacement, construction, and equipping of Coad
Science Building and other academic and administrative facilities and utility systems.

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