HARRY HUGHES, Governor
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.
Approved June 1, 1982.
CHAPTER 497
(Senate Bill 132)
AN ACT concerning
Creation of a State Debt -
Hood College
FOR the purpose of authorizing the creation of a State Debt
in the amount of $200,000, the proceeds to be used to
assist in the planning, design, construction, and.
equipping equipment of the Resource Management Facility
located at Hood College, subject to the requirement
that Hood College provide at least an equal and
matching fund of a certain type 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 Hood College Loan of
1982 in the aggregate principal amount of $200,000. 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 1981 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 he 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
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