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Ch. 336
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1124
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LAWS OF MARYLAND
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(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 Western Maryland College Loan of 1983 in
the aggregate principal amount of $1,000,000 $500,000 $300,000.
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 1982 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: as a grant to Western
Maryland College for the purpose of assisting in the planning,
design, construction, and equipping of the second module of a
physical education teaching facility, including laboratories,
instructional and activity areas, at the 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,
Western Maryland College shall provide at least an equal and
matching fund of $1,000,000 $500,000 $300,000. No part of an
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 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. Western
Maryland College has until June 1, 1985, to present evidence
satisfactory to the Board of Public Works that the matching fund
will be provided. If satisfactory evidence is presented, the
Board shall certify this fact to the State Treasurer and the
proceeds of the loan shall be expended for the purposes provided
in this Act. If this evidence is not presented by June 1, 1985,
the proceeds of the loan shall be applied to the purposes
authorized in Article 78A, § 3 of the Code.
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