HARRY HUGHES, Governor

3445

Assembly be repealed, amended, or enacted to read as
follows:

Chapter 1018 of the Acts of 1978

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 Washington College
Loan of 1978 in the aggregate principal amount of [$210,000]
$560,000. 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 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
renovation and modification of a central heating
distribution system on the campus of Washington College.

(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 purposes set forth in Section
1(3) above, Washington College shall provide at least an
equal and matching fund of [$210,000] $560,000 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 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. Washington
College shall have until June 1, [1980] 1983 to present