HARRY HUGHES, Governor

2603

CHAPTER 506

(Senate Bill 97)

AN ACT concerning

Creation of a State Debt - Capitol Institute of Technology

FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,500,000, the proceeds to be used as a grant
to the Capitol Institute of Technology for the purpose of to
assist in the planning, design, construction, and equipping
of a building at the Capitol Institute of Technology in
Laurel, Maryland to house a telecommunications laboratory,
an optoelectronics laboratory, classrooms, and a lecture
has Telecommunications Hall, subject to the requirement
that the Capitol Institute of Technology provide at least an
equal and matching fund of a certain kind 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 Capitol Institute of Technology Loan of
1985 in the aggregate principal amount of $1,500,000. 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 and 1984 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 the
Capitol Institute of Technology for the purpose of to assist in
the planning, design, construction, and equipping of a building
at the Capitol Institute of Technology in Laurel, Maryland to

house a telecommunications laboratory, an optoelectronics

laboratory, classrooms, and a lecture hall Telecommunications
Hall.