Ch. 174                                1994 LAWS OF MARYLAND

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1994.

Approved May 2, 1994.

CHAPTER 174
(Senate Bill 417)

AN ACT concerning

Mount St. Mary's College Loan of 1990

FOR the purpose of amending Chapter 465 of the Acts of the General Assembly of 1990,
the Mount St. Mary's College Loan of 1990, as amended by Chapter 251 of the Acts
of the General Assembly of 1992, to authorize the use of the proceeds for the
conversion and alteration of, and for an addition to, the Coad Science Building and
other academic and administrative facilities and utility systems; making a technical
correction; altering certain matching fund requirements; and extending the time for
Mount St. Mary's College to provide evidence of a matching fund to the Board of
Public Works.

BY repealing and reenacting, with amendments,

Chapter 465 of the Acts of the General Assembly of 1990, as amended by Chapter

251 of the Acts of the General Assembly of 1992
Section 1

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Chapter 465 of the Acts of 1990, as amended by Chapter 251 of the Acts of 1992

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 Mount St. Mary's
College Loan of 1990 in the total principal amount of $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

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