1404                                       LAWS OF MARYLAND                                    Ch. 502

CHAPTER 502

(Senate Bill 954)

AN ACT concerning

Creation of a State Debt - Johns Hopkins University

FOR the purpose of authorizing creation of a State Debt in
the amount of $500,000 $325,000, the proceeds to be
used for modification and modernization of the Homewood
Campus engineering plant, subject to the provision by
the Johns Hopkins University 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 3Y 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 Johns Hopkins
University Loan of 1979 in the aggregate principal amount of
$500,000 $325,000. 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 3 1 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 5 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
modification and modernization of the engineering plant on
the Homewood Campus of the Johns Hopkins University.

(4)   Prior to the payment of any funds under the
provisions of this Act for the purposes set forth in Section
1.(3) above, the Johns Hopkins University shall provide at
least $500,000 $325,000 as an equal and matching fund for
this project. The Johns Hopkins University shall have until
June 1, 1981, 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—Juno