SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1999.

Approved April 27, 1999.

CHAPTER 252
(House Bill 549)

AN ACT concerning

Creation of a State Debt - The Johns Hopkins University - Biomedical

Engineering Institute

FOR the purpose of authorizing the creation of a State Debt not to exceed $3,000,000,
the proceeds to be used as a grant to The Johns Hopkins University for certain
development or improvement purposes; providing for disbursement of the loan
proceeds, subject to a requirement that the grantee provide and expend a
matching fund; and providing generally for the issuance 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 The Johns
Hopkins University - Biomedical Engineering Institute Loan of 1999 in a total
principal amount equal to the lesser of (i) $3,000,000 or (ii) the amount of the
matching fund provided in accordance with Section 1(5) below. 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 The Johns Hopkins University (referred
to hereafter in this Act as "the grantee") for the planning, design, construction, and
capital equipping of the new academic building for the Biomedical Engineering
Institute on the Homewood Campus.