HARRY HUGHES, Governor

2963

Goucher College subject to the condition that Goucher
College 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 Goucher College Loan
of 1980 in the aggregate principal amount of $1,250,000.
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
renovation and equipping of Van Meter Hall and the
Hoffberger Science Building, both located at Goucher
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)  Prior to the payment of any funds under the
provisions of this Act for the purpose set forth in Section
1(3) above, Goucher College shall provide at least an equal
and matching fund of $1,250,000 for this project. Goucher
College shall have until June 1, 1982, to present evidence
satisfactory to the Board of Public Works that this fund
will be provided. If satisfactory evidence of the raising
of at least an equal and matching fund for this project is
presented to the Board of Public Works on or before June 1,
1982, the Board of Public Works shall so certify to the
Treasurer of the State and the proceeds of the loan shall be
expended in accordance with the provisions of this Act. If
satisfactory evidence of the raising of at least an equal