WILLIAM DONALD SCHAEFER, Governor Ch. 671

CHAPTER 671

(House Bill 680)

AN ACT concerning

Creation of a State Debt - Goucher College

FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,400,000, the proceeds to be used as a grant
to Goucher College to assist in the planning, design,
construction, and equipping of a fine arts and theater
instructional facility and the renovation and equipping of
Van Meter Hall, subject to the requirement that Goucher
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 Goucher College Loan of 1988 in the total
principal amount of $1,400,000. 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 Goucher College to assist in the
planning, design, construction, and equipping of a fine arts and
theater instructional facility and the renovation and equipping
of Van Meter Hall.

- 4537 -