3420

VETOES

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 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: for the
planning, design, construction, and equipping of an
addition academic-fine arts instructional facility on the
campus of Loyola College, Baltimore.

(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)  The payment of any funds under the provisions of
this Act for the purpose set forth in Section 1(3), above,
shall be contingent upon the provision by Loyola College of
a sum up to $1,500,000 as a matching fund for this project.
No part of the applicant's matching fund may be provided
from State funds either directly or indirectly. No part of
the fund may consist of real property or in-kind
contributions. In case of any dispute as to what money or
assets may qualify as matching funds, the Board of Public
Works shall determine the matter, and the Board's decision
is final. Loyola College shall have until June 1, 1983, to
present evidence satisfactory to the Board of Public Works
of the sum that it has raised as a matching fund . for this
purpose. Upon a certification of suitable evidence from the
Board of Public Works on or before June 1, 1983, the