HARRY HUGHES, Governor                               2495

Approved May 19, 1981.

CHAPTER 643

(House Bill 739)

AN ACT concerning

Creation of a State Debt - Loyola College
Academic-Fine Arts Instructional Facility

FOR the purpose of authorizing the creation of a State Debt
in the amount of $1,500,000, the proceeds to be used
for the planning, design, construction, and equipping
of the an addition an academic-fine arts instructional
facility on the campus of Loyola College, Baltimore,
subject to the requirement that Loyola College provide
up to a certain amount of certain funds as a matching
fund for the same purpose by a certain date; providing
that no proceeds of the loan or any of the matching
funds may be used for religious purposes; 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 Loyola College
Academic-Fine Arts Instructional Facility 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: for the
planning, design, construction, and equipping of an addition
academic-fine arts instructional facility on the campus of