1642 LAWS OF MARYLAND Ch. 580
Creation of a State Debt — Western Maryland College
FOR the purpose of authorizing the creation of a State Debt
in the amount of $375,000, the proceeds to be used for
the renovation and equipping of Alumni Hall, the
Winslow Student Center, and the Hoover Library, all
located at Western Maryland College, subject to the
condition that Western Maryland College provide up to a
certain sum as a matching fund for the same purpose;
providing that no portion of the proceeds of this loan
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 Western Maryland
College Loan of 1979 in the aggregate principal amount of
$375,000. 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.
(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 and equipping of Alumni Hall, the Winslow Student
Center, and the Hoover Library, all located at Western
Maryland College.
(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) The payment of any funds under the provisions of
this Act for the purpose of renovating and equipping Alumni
Hall, the Winslow Student Center, and the Hoover Library
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