HARRY HUGHES, Governor

2483

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 27, 1980.

CHAPTER 713

(Senate Bill 528)

AN ACT concerning

Creation of a State Debt - Nursing Home Loan

FOR the purpose of authorizing the creation of a State Debt
in the amount of $1,000,000, the proceeds to be used
for certain State grants to certain public and other
nonprofit nursing homes for the construction and
equipping of these nursing homes; 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 Nursing Home 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 State
grants to public and other nonprofit nursing homes for the
construction and equipping of these nursing homes, subject
to the conditions listed below.