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LAWS OF MARYLAND

Ch. 711

CHAPTER 711

(Senate Bill 481)

AN ACT concerning

Creation of a State Debt -
Capitol Institute of Technology

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 planning, design, construction, and equipping
of the Administration - Classroom Building and the
Learning Resources Center of the Capitol Institute of
Technology, subject to the provision that the Capitol
Institute of Technology provide at least an equal and
matching fund for the same purpose 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 Capitol Institute of
Technology Loan of 1980 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 1979 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
Administration - Classroom Building and the Learning
Resources Center of the Capitol Institute of Technology

(4)  There is hereby levied and imposed an annual State
tax on all assessable property in the State in rate and