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LAWS OF MARYLAND

Ch. 1017

three-fifths of all the members elected to each of the two
Houses of the General Assembly, the same shall take effect
from the date of its passage.
Approved May 29, 1978.

CHAPTER 1018

(Senate Bill 978)

AN ACT concerning

Creation of a State Debt — Washington College

FOR the purpose of authorizing the creation of a State Debt
in the amount of $210,000, the proceeds to be used for
the renovation and modification of a central heating
distribution and modification of a central heating
distribution system on the campus of Washington
College, subject to the requirement that Washington
College provide at least an equal and matching fund for
this project; providing for the disposition of funds
not encumbered 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 Washington College
Loan of 1978 in the aggregate principal amount of $210,000.
This loan shall be evidenced by the issuance and sale of
State general obligation bonds authorized by a resolution of
the Board of Public Works and issued, sold and delivered in
accordance with the provisions of §§ 19 to 23 of Article 3 1
of the Annotated Code of Maryland (1976 Replacement Volume
and 1977 Supplement, as amended from time to time).

(2)    The bonds issued to evidence this loan or
installments thereof may be sold as a single issue, or may
be consolicated and sold as part of a single issue of bonds
under § 2B of Article 31 of the Code.

(3)    The actual cash proceeds of the sale of the bonds
shall be paid to the Treasurer and shall be first applied to
the payment of the expenses of issuing and delivering the
bonds unless funds for this purpose are otherwise provided
and thereafter shall be credited on the books of the State
Comptroller and expended, upon approval by the Board of
Public Works, for the following public purposes, including
any applicable architects' and engineers' fees: for the
renovation and modification of a central heating
distribution system on the campus of Washington College.