1598

LAWS OF MARYLAND

Ch. 600

of Art

FOR the purpose of authorizing the creation of a State
Debt in the amount of $450,000, the proceeds to be
used for the acquisition, renovation and capital
improvements of a facility for the Maryland
Institute , College of Art, [[Inc.,]] subject to the
requirement that the Maryland Institute , College of
Art, [[Inc.,]] shall have obtained from other public
or private sources a sum up to $450,000 as an equal
and matching fund for the same purpose; and
providing generally for the issue and sale of bonds
evidencing such 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 Maryland
Institute , College of Art Loan of 1976 in the aggregate
principal amount of $450,000. This loan shall be
evidenced by the issuance and sale of State general
obligation bonds authorized by a resolution of the Board
of Public Works and issued, sold and delivered in
accordance with the provisions of Sections 19 to 23 of
Article 31 of the Annotated Code of Maryland (1971
Replacement Volume and 1975 Supplement, as amended from
time to time).

The bonds issued to evidence this loan or
installments thereof may be sold as a single issue, or
may be consolidated and sold as part of a single issue of
bonds under Section 2B of Article 31 of the Code.

(2)    The actual cash proceeds of the sale of the
bonds shall be paid to the treasurer and shall be first
applied to the payment of the expenses of issuing and
delivering the bonds unless funds for this purpose are
otherwise provided and thereafter shall be credited on
the books of the State Comptroller and expended, upon
approval by the Board of Public Works, for the following
public purposes, including any applicable architects' and
engineers' fees:

(a)    For the acquisition, renovation and
capital improvements of a facility for the Maryland
Institute , College of Art[[, Inc]].

(b)    The payment of any funds under the
provisions of this Act for the purpose of acquiring,
renovating and making capital improvements to a facility
for the Maryland Institute , College of Art, [[Inc.]]
shall be contingent upon the provisions by the Maryland

Institute ,College of Art, [[Inc.]] of a sum up to

$450,000 as an equal and matching fund for this project
from private and other public sources. The Maryland
Institute , College of Art, [[Inc. ]] shall have until