Marvin Mandel, Governor                       1161

CHAPTER 520
(House Bill 308)

AN ACT to repeal and reenact, with amendments, Section 2B of
Article 31 of the Annotated Code of Maryland (1971 Replace-
ment VOLUME) title "Debt—Public," subtitle "In General," clari-
fying certain provisions relating to the authority of the Board of
Public Works to consolidate the bonds or certificates of indebted-
ness representing two or more State loans for sale as a single
issue of bonds and to determine various matters in connection
with the terms GENERALLY MODIFYING CERTAIN PROVI-
SIONS THEREOF RELATING TO THE TERMS AND CON-
DITIONS.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 2B of Article 31 of the Annotated Code of Maryland
(1971 Replacement), title "Debt—Public," subtitle "In General," be
and it is hereby repealed and re-enacted with amendments to read
as follows:

2B.

(a)    The Board of Public Works is hereby empowered, in authoriz-
ing the sale of certificates of indebtedness (hereinafter called
"bonds") representing two or more State loans or installments
thereof, to provide that the various [certificates] bonds approved
for sale shall be consolidated and sold as a single issue of [certificates
of indebtedness] bonds for the purposes designated in the enabling
acts authorizing the sale of the respective [certificates of indebted-
ness] bonds, without regard to whether any of said enabling acts
was enacted before or after the enactment or any reenactment of
this section (or at the same session of the General Assembly at which
this section is enacted). Provided, however, that the provisions of
this section shall not apply to any State loan or installment thereof,
if the enabling act authorizing such loan or installment thereof
specifically exempts by reference to section and article the loan or
installment to be issued thereunder from the provisions of this
section.

(b)    "State loans," as used in this section, are intended to
include all loans of the State to the payment of which, both prin-
cipal and interest, the full faith and credit and taxing power of
the State are unconditionally pledged, even though another source
or sources of payment are primarily provided for the payment of said
principal and interest.

(c)    In the event that the Board of Public Works determines it
advisable to consolidate the sale of two or more loans or installments
thereof, as provided above, the aggregate issue of the various [certifi-
cates of indebtedness] bonds shall be known as the "State and
local facilities loan," of the series and year in which the sale is
authorized by the Board of Public Works, and each [certificate]
bond shall be so designated.

(d)    The consolidated "State and local facilities loan," herein
authorized, shall be evidenced by [certificates of indebtedness]
bonds in such number and amounts as to equal the total amount of