2772
LAWS OF MARYLAND
Ch. 953
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.
Approved May 29, 1978.
CHAPTER 954
(House Bill 1796)
AN ACT concerning
Creation of a State Debt — Peabody Institute
FOR the purpose of authorizing the creation of a State Debt
in the amount of $1,000,000 $1,200,000, the proceeds to
be used for the renovation, rehabilitation, and
equipping of the Peabody Institute conservatory concert
hall, subject to the provision by the Peabody Institute
of at least an equal and matching fund for the same
purpose; 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 Peabody Institute
Loan of 1978 in the aggregate principal amount of $1,000,000
$1,200,000. 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 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 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
renovation;, rehabilitation, and equipping of the Peabody
Institute conservatory concert hall.
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