HARRY HUGHES, Governor

1765

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

Approved May 29, 1979.

CHAPTER 644

(House Bill 1471)

AN ACT concerning

Creation of a State Debt — Johns Hopkins Medical School

FOR the purpose of authorizing the creation of a State Debt
in the amount of $1,000,000, the proceeds to be used
for the construction and equipping of the Preclinical
Teaching Building of the Johns Hopkins School of
Medicine, 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 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 Johns Hopkins
Medical School Loan of 1979 in the aggregate principal
amount of $1,000,000. 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
planning, design, construction, and equipping of the
Preclinical Teaching Building of the Johns Hopkins School of
Medicine.