2566
LAWS OF MARYLAND
Ch. 471
equipping of Bunting Hall; and the planning, design,
alteration, renovation, and equipping of the Old Boiler
Plant; subject to the requirement that Washington College
provide up to a certain sum of a certain type of funds as a
matching fund for the same purpose by a certain date;
providing that certain easements be granted to the Maryland
Historical Trust; 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 Washington College Loan of 1984 in the
aggregate principal amount of $3,243,800 $3,243,900. 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 (1983 Replacement Volume, 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
Washington College to assist in the planning, design,
construction and equipping of an Academic Resources Center; the
planning, design, addition, alteration, renovation, and equipping
of Dunning Science Building; the planning, design, addition,
alteration, renovation, and equipping of Bunting Hall; and the
planning, design, alteration, renovation, and equipping of the
Old Boiler Plant.
(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) The payment of any funds under the provisions of this
Act for the purposes set forth in Section 1(3), above, shall be
contingent upon the provision by Washington College of a sum up
to $3,243,800 $3,243,900 as a matching fund for this project.
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