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PARRIS N. GLENDENING, Governor Ch. 431
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2000.
Approved May 11, 2000.
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CHAPTER 431
(House Bill 909)
AN ACT concerning
Creation of a State Debt - Loyola College
FOR the purpose of authorizing the creation of a State Debt not to exceed $200,000,
the proceeds to be used as a grant to Loyola College 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;
prohibiting the use of the proceeds of the sale of the bonds or. the matching fund
for religious purposes; 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 Loyola
College Loan of 2000 in a total principal amount equal to the lesser of (i) $200,000 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 Loyola College (referred to hereafter in
this Act as "the grantee") for the planning, design, construction, repair, renovation,
restoration, reconstruction, and capital equipping of Maryland Hall, located in
Baltimore City.
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