5060

VETOES

an equal and matching fund of a certain type for the
same purpose by a certain date; providing that no
proceeds of the loan or any of the 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 Loyola College Loan
of 1982 in the aggregate principal amount of $720,000. 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 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 equipment
of (1) the an addition to and renovation of the Physical
Plant Building; and (2) for academic offices and classrooms
in the building known as the College Center located at
Loyola 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 purpose set forth in Section
1(3) above, Loyola College shall provide at least an equal
and matching fund of $720,000 for this project. No part of
the applicant's matching fund may be provided from State
funds either directly or indirectly, in whole or in part.
No part of the applicant's matching fund may consist of real