1304

LAWS OF MARYLAND

Ch. 459

Works on or before June 1, 1981, the proceeds of the loan
shall be transferred to the Annuity Bond Fund and applied to
the debt service requirements of the State.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1979.

Approved May 29, 1979.

CHAPTER 460

(Senate Bill 538)

AN ACT concerning

Creation of a State Debt — Maryland Institute,
College of Art

FOR the purpose of authorizing the creation of a State Debt
in the amount of $625,000, the proceeds to be used for
the renovation, restoration, repair, and equipping of
the former Cannon Shoe Company Building for use as
instructional studios, and for the renovation,
restoration, repair, and equipping of studio classrooms
in the historic 1907 Main Building at 1300 West Mount
Royal Avenue in Baltimore City, subject to the
requirement that the Maryland Institute, College of Art
provide at least an equal and matching fund for the
same purpose; providing for the disposition of funds
not encumbered by a certain date; 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 Maryland Institute,
College of Art Loan of 1979 in the aggregate principal
amount of $625,000. 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 1978 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.