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Ch. 697
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2846
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LAWS OF MARYLAND
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CHAPTER 697
(Senate Bill 207)
AN ACT concerning
Creation of a State Debt - Hood College — Alteration and
Construction of Buildings
FOR the purpose of authorizing the creation of a State
Debt in the amount of $450,000, the proceeds to be
used for alterations and construction of buildings
at Hood College, subject to the requirement that
Hood College shall provide funds, supplementary to
this appropriation, in a specified minimum amount
for the same purposes; providing for an annual State
tax to pay the principal and interest on the bonds,
but providing that, under certain circumstances,
general funds may be used to pay the principal and
interest; providing that funds provided by this Act
not encumbered within a specified period of time
shall be considered abandoned; 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 Hood College Loan
of 1977 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 §§ 19 to
23 of Article 31 of the Annotated Code of Maryland (1971
1976 Replacement Volume and 1975 1976 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 § 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 alterations to Hodson Hall and
construction of a link building between Hodson Hall and
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