2274

LAWS OF MARYLAND

Ch. 834

(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 Loyola College
Science Center Building Loan of 1976 in the aggregate
principal amount of [[$3,700,000]] $1,850,000. 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:

For the construction of a building on the campus of
Loyola College, Baltimore, Maryland, to be used as a
science center. However, no part of this building may be
used for sectarian instruction, religious worship, or any
other religious activity.

(3)    There is hereby levied and imposed an annual
State tax on all assessable property in the State in rate
and amount sufficient to pay the principal of and
interest on the bonds as and when due and until paid in
full, such principal to be discharged within fifteen
years of the date of issue of the bonds.

(4)    The payment of any funds under the provisions
of this Act for the purpose of the construction of a

science building on the campus of Loyola College in

Baltimore City shall be contingent upon the provisions by
Loyola College of a sum up to One Million Eight Hundred
Fifty Thousand Dollars ($1,850,000) as an equal and
matching fund for this project from private and other
public sources. The said Loyola College shall have until

June 1, 1978, to present__ evidence satisfactory to the

Board of Public Works of the sum that it has raised as an

equal and matching fund for the purpose of the

construction of a science center on the campus of Loyola
College. Upon receiving from the Board of Public Works a
certification of such suitable evidence on or before June

1, 1978, the Treasurer of the State is hereby, authorized,

empowered and directed to proceed to spend the proceeds
of said loan, or any portion thereof equal and matching