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Ch. 729
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2942
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LAWS OF MARYLAND
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provision by the Johns Hopkins University of funds,
supplementary to this appropriation, in the amount of
$4,5000,000 $4,100,000. The Johns Hopkins University
shall have until June 1, 1979, to present evidence
satisfactory to the Board of Public Works that it has
raised these funds for the purpose of planning,
designing, constructing, and equipping a biology
laboratory and teaching facility at the Johns Hopkins
University in Baltimore, Maryland. Upon receiving from
the Board of Public Works a certification of such
suitable evidence on or before June 1, 1979, the
Treasurer of the State is hereby authorized, empowered
and directed to proceed to spend the proceeds of said
loan in accordance with the other previsions of this Act.
If such satisfactory evidence of the raising of at least
an equal and Batching fund for this project is not
presented to the Board of Public Works on or before June
1, 1979, no funds under the provisions of this Act shall
thereafter be paid over to or expended for the purpose of
planning, designing, constructing, and equipping a
biology laboratory and teaching facility at the Johns
Hopkins University in Baltimore, Maryland.
(4) If any funds provided by this Act shall not
have been encumbered within three (3) years from the
effective date of this Act, then such funds shall be
deemed to have been abandoned. If the total loan
authorized herein shall have been issued within three (3)
years from the effective date of this Act, then the
amount specified herein for said abandoned funds shall be
transferred to the Annuity Bond Fund and shall be applied
to the debt service requirements of the State. If,
however, the total loan authorized herein shall not have
been issued within three (3) years from the effective
date of this Act, then the total issuable bonds
authorized herein shall be reduced by the amount
specified herein tor said abandoned funds.
For the purposes of this Act, funds are encumbered
when a project is approved for a grant under this program
for a specific amount by actions of the Board of Public
Works.
(5) 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.
(6) This Act shall take effect June July 1, 1977
1978.
Approved May 26, 1977.
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