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2580
LAWS OF MARYLAND
Ch. 475
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.
Approved May 15, 1984.
CHAPTER 476
(House Bill 1317)
AN ACT concerning
Creation of a State Debt - N. M. Carroll United
Methodist Home for the Aged, Inc.
FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,500,000 $750,000, the proceeds to be used
as a grant to N. M. Carroll United Methodist Home for the
Aged, Inc. for the purpose of the construction and equipping
of the housing facilities of the N. M. Carroll United
Methodist Home for the Aged, Inc. in Baltimore City, subject
to the requirement that the N. M. Carroll United Methodist
Home for the Aged, Inc. provide at least 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 N. M. Carroll United Methodist Home for
the Aged, Inc. Loan of 1984 in the aggregate principal amount of
$1,500,000 $750,000. 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 (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
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