2610

LAWS OF MARYLAND

Ch. 691

(ii) The financial circumstances of the
borrower have changed and the borrower no longer would
qualify as an original borrower under the program.

(3) If a borrower violates §13-317 of this
subtitle, the Department immediately may accelerate the
maturity.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1981.

Approved May 19, 1981.

CHAPTER 692

(House Bill 1495)

AN ACT concerning

Creation of a State Debt - Mt. St. Mary's College

FOR the purpose of authorizing the creation of a State Debt
in the amount of $800,000, the proceeds to be used for
the renovation of three buildings and various utility
systems, not including site development or central
energy monitoring systems, subject to the requirement
that Mt. St. Mary's College provide at least an equal
and matching fund of a certain kind for this project by
a certain date; providing for the disposition of funds
not encumbered by a certain date; providing that no
proceeds of the loan or its 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 Mt. St. Mary's
College Loan of 1981 in the aggregate principal amount of
$800,000. 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 1977 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.