BLAIR LEE III, Acting Governor

2929

(4)    There is hereby levied and imposed an annual
State tax on all assessable property in the State in rate
and amount sufficient to pay the principal of and interest
on the bonds as and when due and until paid in full, such
principal to be discharged within fifteen years of the date
of issue of the bonds.

(5)    Prior to the payment of any funds under the
provisions of this Act for the purposes set forth in Section
1(3) above, Washington College shall provide at least an
equal and matching fund of $210,000 for this project.
Washington College shall have until June 1, 1980 to present
evidence satisfactory to the Board of Public Works that this
fund will be provided. Upon receiving from the Board of
Public Works on or before June 1, 1980, a certification of
suitable evidence, the Treasurer of the State shall spend
the proceeds of the loan the proceeds of the loan shall be
expended in accordance with the provisions of this Act. If
satisfactory evidence of the raising of at least an equal
and matching fund for this project is not presented to the
Board of Public Works on or before June 1, 1980, the
proceeds of the loan shall be transferred to the Annuity
Bond Fund and applied to the debt service requirements of
the State.

(6)    If any funds provided by this Act are not
encumbered within three years from the effective date of
this Act, the funds shall be deemed abandoned. If the total
loan authorized by this Act has been issued within three
years from the effective date of this Act, the amount
specified in this Act for the abandoned funds shall be
transferred to the Annuity Bond Fund and applied to the debt
service requirements of the State. If, however, the total
loan authorized by this Act has not been issued within three
years from the effective date of this Act, the total
issuable bonds authorized by this Act shall be reduced by
the amount specified in this Act for abandoned funds. For
the purposes of this Act, funds are encumbered when a
project is approved for a grant under this program for a
specific amount, by action of the Board of Public Works.

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

Approved May 29, 1978.

CHAPTER 1019
(House Bill 998)
AN ACT concerning

Sex Discrimination - Abduction