2488

LAWS OF MARYLAND

Ch. 638

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
University Biology Building Loan of 1981 in the aggregate
principal amount of $1,500,000. 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 1980
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: to assist in
the planning, design, construction, and equipping of a
biology laboratory and teaching facility at the Johns
Hopkins University in Baltimore, Maryland.

(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, Johns Hopkins University shall provide at least
an equal and matching fund of $1,500,000 for this project.
No part of the applicant's matching fund may be provided
from State funds either directly or indirectly, in whole or
in part. No part of the applicant's matching fund may
consist of real property or in-kind contributions. In case
of any dispute as to what money or assets may qualify as the
applicant's matching fund, the Board of Public Works shall
determine the matter and the Board's decision shall be
final. The Johns Hopkins University shall have until June
1, 1983, 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