MARVIN MANDEL, Governor                            2131

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved April 22, 1975.

CHAPTER 339
(Senate Bill 611)

AN ACT concerning

Creation of State Debt — General Obligation Bonds

FOR the purpose of providing a simplified format for
enabling Acts authorizing the creation of State debt
through the sale of State general obligation bonds;
granting certain authority to the Board of Public
Works in issuing and delivering general obligation
bonds of the State; specifying certain requirements
of State general obligation bonds; specifying
certain procedures and requirements in the issuance,
sale and delivery of State general obligation bonds;
providing that state general obligation bonds are
exempt from taxation by the State, any of its
political subdivisions, municipal corporations or
public agencies of any kind; authorizing a tax to be
levied to pay the principal and interest on State
general obligation bonds; and generally relating to
the creation of a State debt and the issuance and
sale of State general obligation bonds as evidence
of a State debt.

BY adding to

Article 31 — Debt — Public

Section 19 through [[24]] 23, to be under the new

subtitle "State General Obligation Bond

Issues"
Annotated Code of Maryland
(1971 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, that Sections 19 through [[24]] 23 be and they
are hereby added to Article 31 — Debt-Public, of the
Annotated Code of Maryland (1971 Replacement Volume and
1974 Supplement), all to be under the new subtitle "State
General Obligation Bond Issues" and to read as follows:

Article 31 — Debt — Public