BLAIR LEE III, Acting Governor

2449

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 29, 1978.

CHAPTER 844

(Senate Bill 1105)

AN ACT concerning

Creation of a State Debt — The Maryland School for the Blind

FOR the purpose of authorizing the creation of a State Debt
in the amount of $4,270,000 $4,225,000, the proceeds to
be used to assist the The Maryland School for the Blind
in the construction of residential cottages, enclosed
walkways, and ramps, subject to a certain condition
limitation; and providing generally for the issue and
sale of bonds evidencing the loan.

SECTION 1.
MARYLAND, That:

BE IT ENACTED BY THE GENERAL ASSEMBLY OF

(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 Maryland School for
the Blind Loan of 1978 in the aggregate principal amount of
$4,270,000 $4,225,000. 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 (1976 Replacement Volume and 1977 Supplement, as
amended from time to tine).

(2)    The bonds issued to evidence this loan or
installments thereof nay be sold as a single issue, or may
be consolidated and sold as part of a single issue of bonds
under § 2B of Article 21 of the Code.

(3)    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 construction of residential cottages, enclosed walkways,
and ramps at The Maryland School for the Blind. Any federal
or private funds obtained by The Maryland School for the
Blind for this project will serve to reduce the amount of
this loan or shall be applied to the Annuity Bond Fund for
the debt service requirements of the State If The Maryland