WILLIAM DONALD SCHAEFER, Governor Ch. 376
Approved May 2, 1990.

CHAPTER 376
(House Bill 1194)

AN ACT concerning

Creation of a State Debt - Allegany Central Scenic Railroad

FOR the purpose of authorizing the creation of a State Debt in the amount of $200,000
the proceeds to be used as a grant to the Allegany Central Scenic Railroad
Development Corporation for the construction of new tracks property acquisition,
construction, and alteration and improvement of the existing railroad line and
equipment for the Allegany Central Scenic Railroad; subject to the requirement
that the Allegany Central Scenic Railroad Development Corporation provide at
least an equal and matching fund of a certain kind 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 Allegany
Central Scenic Railroad Loan of 1990 in the total principal amount of $200,000. 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 the Allegany Central Scenic Railroad Development
Corporation for the construction of new tracks property acquisition, construction, and
alteration and improvement of the existing railroad line and equipment for the Allegany
Central Scenic Railroad in western Maryland.

(4) An annual State tax is imposed on all assessable property in the State in rate
and amount sufficient to pay the principal of and interest on the bonds, as and when

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