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2950
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Ch. 734
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LAWS OF MARYLAND
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$1,750,000. 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
Subsections 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 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: to assist in the alteration, renovation
and improvement of certain buildings at the Annapolis
campus of St. John's College, including but not limited
to auditorium, physical education and other facilities.
(3) The payment of any funds under the provision
provisions of this Act for the purposes of alterations,
renovations and improvements of certain buildings at the
Annapolis campus of St. John's College shall be
contingent upon the provision by St. John's College of at
least an equal and matching fund for this project from
private and other public sources. St. John's College
shall have until June 1, 1982, to present evidence
satisfactory to the Board of Public Works that it has
raised at least this equal and matching fund for the
purpose of making alterations, renovations and
improvements of certain buildings at the Annapolis campus
of St. John's College. Providing Provided that from time
to time prior to June 1, 1982, St. John's College may
present to the Board of Public Works evidence
satisfactory to the Board of Public Works that it has
raised a portion of the equal and matching fund and may
request that the Board of Public Works make available a
portion of the State funds from the provisions of this
Act equivalent to the amount raised by St. John's
College. Upon receiving from the Board of Public Works a
certification of such suitable evidence on or before June
1, 19 82, the Treasurer of the State is hereby authorized,
empowered and directed to proceed to spend the proceeds
of said loan or that portion of the proceeds of said loan
as contained in the certification in accordance with the
other provisions of this Act. If such satisfactory
evidence of the raising of at least an equal and matching
fund for this project in total is not presented to the
Board of Public Works on or before June 1, 1982, then
that portion of the funds under the provisions of this
Act that have not previously been paid over or expended
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