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MARVIN MANDEL, Governor 2941
(Senate Bill 757)
AN ACT concerning
Creation of a State Debt —
Johns Hopkins University Biology Building
FOR the purpose of authorizing the creation of a State
Debt in the amount of $1,500,000, the proceeds to be
used for the planning, design, construction, and
equipping of a biology laboratory and teaching
facility at the Johns Hopkins University in
Baltimore, Maryland, subject to the requirement that
the Johns Hopkins University provide a certain sum
for the same purpose by a certain date; requiring
that funds provided by this Act be encumbered by a
certain date; and providing for the issuance and
sale or 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 Johns Hopkins
University Biology Laboratory Loan of 1977 in the
aggregate principal amount of $1,500,000. 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
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 § 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 Decks 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 planning, design, construction,
and equipping of a biology laboratory and teaching
facility at the Johns Hopkins University in Baltimore,
Maryland.
(3) The payment of any funds under the provisions
of this Act for the purpose of planning, designing,
constructing, and equipping a biology laboratory and
teaching facility at the Johns Hopkins University in
Baltimore, Maryland shall be contingent upon the
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