Ch. 467
LAWS OF MARYLAND
CHAPTER 467
(House Bill 452)
AN ACT concerning
Creation of a State Debt - Western Maryland College
FOR the purpose of authorizing the creation of a State Debt in
the amount of $2,500,000 $2,000,000, the proceeds to be used
as a grant to Western Maryland College to assist in the
planning, design, renovation, alteration, addition, and
equipping of Hoover Library, subject to the requirement that
Western Maryland 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 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 Western Maryland College Loan of 1987 in
the total principal amount of $2,500,000 $2,000,000. This loan
shall be evidenced by the issuance, sale, and delivery of State
general obligation bonds authorized by a resolution of the Board
of Public Works and issued, sold, and delivered in accordance
with §§ 8-117 through 8-124 of the State Finance and Procurement
Article and Article 31, § 22 of the Code.
(2) The bonds to evidence this loan or installments of this
loan may be sold as a single issue, or may be consolidated and
sold as part of a single issue of bonds under § 8-122 of the
State Finance and Procurement Article.
(3) The cash proceeds of the sale of the bonds shall be
paid to the Treasurer and first shall be applied to the payment
of the expenses of issuing, selling, and delivering the bonds,
unless funds for this purpose are otherwise provided, and then
shall be credited on the books of the Comptroller and expended,
on approval by the Board of Public Works, for the following
public purposes, including any applicable architects' and
engineers' fees: as a grant to Western Maryland College to assist
in the planning, design, renovation, alteration, addition, and
equipping of Hoover Library.
(4) An annual State tax is imposed 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
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