HARRY HUGHES, Governor
2723
requirement that Hood 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 Hood College Loan of 1985 in the
aggregate principal amount of $345,000. 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 Hood
College to assist in the planning, design, renovation,
alteration, and equipping of the Hodson Building and Annex and
the Williams Observatory.
(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 Hood College of a sum up to
$345,000 as a matching fund for this project. No part of the
applicant's matching fund may be provided from State funds either
directly or indirectly, in whole or in part. No part of the
applicant's matching fund may consist of real property or in kind
contributions. In case of any dispute as to what money or assets
may qualify as the applicant's matching fund, the Board of Public
Works shall determine the matter and the Board's decision is
|