BLAIR LEE III, Acting Governor                           2761

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 29, 1978.

CHAPTER 948

(House Bill 1682)

AS ACT concerning

Creation of a State Debt - Loyola College
Academic and Student Support Services Building

FOR the purpose of authorizing the creation of a State Debt
in the amount of $461,300, the proceeds to be used for
the conversion, renovation, reconstruction, improving,
and equipping of the Jenkins Science Building on the
campus of Loyola College, Baltimore, for the purpose of
converting that building to use as an Academic and
Student Support Services Building, subject to the
requirement that Loyola College provide at least an
equal and matching fund for the same purpose; providing
that no proceeds of the loan or any of the matching
funds may be used for religious 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 Loyola College
Academic and Student Support Services Building Loan of 1978
in the aggregate principal amount of $461,300. 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