2918                                             LAWS OF MARYLAND                                        Ch. 561

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 29, 1984.

CHAPTER 562

(Senate Bill 747)

AN ACT concerning

Creation of a State Debt - Villa Julie College

FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,120,000, the proceeds to be used as a grant
to Villa Julie College to assist in the planning, design,
addition, alteration, renovation, and equipping of an
academic classroom and office building, subject to the
requirement that Villa Julie 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; 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 Villa Julie College Loan of 1984 in the
aggregate principal amount of $1,120,000. 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
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 Villa
Julie College to assist in the planning, design, addition,
alteration, renovation, and equipping of an academic classroom
and office building.