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2847
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MARVIN MANDEL, Governor
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the Biology Annex to improve the science teaching
facilities at Hood College.
(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, However, the
levy or levies required by this section shall not be made
and the tax or taxes shall not be collected in any year
to the extent that, on or before May 1, 1978, or on or
before May 1 in each taxable year thereafter the Board of
Public Works determines upon a certified statement
rendered to the Board by the State Comptroller that
payment of principal and interest on the bonds issued
pursuant to this Act will be met during the ensuing
taxable year from funds appropriated by the General
Assembly, as provided in Section 4 1. (4) of this Act.
Upon, and to the extent of, such determination by the
Board of Public Works, the Governor shall, by
proclamation issued pursuant to a resolution of the Board
of Public Works, declare that the taxes required by this
section shall not be collected or levied in any such
ensuing taxable year.
(4) All funds which may be appropriated at any time
or from time to time by the General Assembly in any
Annual State Budget Bill for the payment of principal and
interest on bonds issued pursuant to this Act shall be
deposited in the Annuity Bond Fund by the State
Comptroller to be applied to the payment of principal and
interest on bonds issued pursuant to this Act.
SECTION 2. AND BE IT FURTHER ENACTED, That the
expenditure of any funds under the provisions of this Act
for the purpose of making alterations to Hodson Hall and
constructing a link building between Hodson Hall and the
Biology Annex at Hood College shall be contingent upon
the provision of funds supplementary to this
appropriation by Hood College in the amount of at least
$450,000 by June 1979, for the same purpose at Hood
College.
SECTION 3. AND BE IT FURTHER ENACTED, That any funds
provided by this Act which shall not have been encumbered
within three (3) years from the effective date of this
Act, shall be considered to have been abandoned. To the
extent that the loan authorized under this Act shall have
been issued within three (3) years from the effective
date of this Act, then the amount of abandoned funds as
specified in this section shall be transferred to the
Annuity Bond Fund and be applied to the debt service
requirements of the State. To the extent the loan
authorized by this Act shall not have been issued within
three (3) years from the date of this Act, then
the total bonds authorized by this Act, but not yet
issued, shall be reduced by the amount specified by this
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