1632                                          LAWS OF MARYLAND                                     Ch. 123

SECTION 2. AND BE IT FURTHER ENACTED, That for Fiscal Year
1986 only, on or before June 30, 1986, the State Board for
Community Colleges shall certify to the State Comptroller the
amount necessary to bring the July, November, and March payments
made under § 16-405(a)(l) and (2) of the Education Article in
Fiscal Year 1986 into balance with the actual enrollments and
costs per student of each community college.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 21, 1985.

CHAPTER 124

(Senate Bill 502)

AN ACT concerning

Creation of a State Debt - State Public School
Construction and Capital Improvement Loan of 1985

FOR the purpose of authorizing the creation of a State debt in
the amount of $26,000,000 $33,500,000 $34,600,000, the
proceeds to be used to finance the construction of public
school buildings and public school capital improvements in
this State; and providing generally for the issuance 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 State Public School Construction and
Capital Improvement Loan of 1985 in the aggregate principal
amount of $26,000,000 $33,500,000 $34,600,000. 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 §§ 19 to 23 of
Article 31 of the Code.

(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 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