2640

LAWS OF MARYLAND

Ch. 905

AN ACT concerning

Creation of a State Debt — Benedictine School for
Exceptional Children, Inc.

FOR the purpose of authorizing the creation of a State Debt
in the amount of $600,000, the proceeds to be used for
the construction and equipping of a

gymnasium/auditorium______complex,______library/classroom

facility, and/or swimming pool facility at the

Benedictine School for Exceptional Children, Inc.,
located in Ridgely, Maryland, contingent upon the
provision by the Benedictine School for Exceptional
Children, Inc., of a matching fund in a certain ratio;
providing for the disposition of funds unencumbered by
a certain date; providing that no proceeds of the loan
or of the matching funds may be used for religious or
sectarian purposes; and providing generally for the
issue and sale of 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 Benedictine School
for Exceptional Children, Inc., Loan of 1978 in the
aggregate principal amount of $600,000. 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 time).

(2)    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.

(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: for the
construction and equipping of a gymnasium/auditorium

complex, library/classroom facility, and/or swimming pool

facility at the Benedictine School for Exceptional Children,
Inc., located in Ridgely, Maryland.

(4) Prior to the payment of any funds under the
provisions of this Act for the purpose set forth in Section
(3) above, the Benedictine School for Exceptional Children,
Inc., shall provide a sum up to $1,200,000 as a matching
fund for this project, $2, to be provided by the Benedictine