3422
VETOES
Senate Bill No. 609
AN ACT concerning
Creation of a State Debt -
Johns Hopkins University Biology Building
FOR the purpose of authorizing the creation of a State Debt
in the amount of $1,500,000, the proceeds to be used to
assist in the planning, design, construction, and
equipping of a biology laboratory and teaching facility
at the Johns Hopkins University in Baltimore, Maryland,
subject to the requirement that the Johns Hopkins
University 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 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.
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