2132

LAWS OF MARYLAND

[Ch. 339

STATE GENERAL OBLIGATION BOND ISSUES

19.

THE GENERAL ASSEMBLY OF MARYLAND MAY AUTHORIZE THE
BOARD OF PUBLIC WORKS TO BORROW MONEY FOR ANY PUBLIC
PURPOSE IN THE AGGREGATE PRINCIPAL AMOUNT DESIGNATED BY
THE SPECIFIC ENABLING ACT AUTHORIZING THE BORROWING AND
TO ISSUE GENERAL OBLIGATION BONDS OF THE STATE TO
EVIDENCE THE DEBT, IN ACCORDANCE WITH THE PROVISIONS OF
ARTICLE III, SECTION 34, OF THE MARYLAND CONSTITUTION,
THIS SUBTITLE AND THE SPECIFIC ENABLING ACT. THE BONDS
SHALL BE ISSUED AND SOLD IN ACCORDANCE WITH THE
PROCEDURES OF THIS SUBTITLE [[IF]] UNLESS THE SPECIFIC
ENABLING ACT [[SO]] OTHERWISE PROVIDES.

20.

(A) AN ENABLING ACT MAY TAKE SUBSTANTIALLY THE
FOLLOWING FORM:

"A BILL ENTITLED

AN ACT TO AUTHORIZE THE CREATION OF A STATE DEBT IN THE

AMOUNT OF $.........., THE PROCEEDS TO BE USED (HERE

GENERALLY DESCRIBE THE PURPOSE TO WHICH THE PROCEEDS
ARE TO BE APPLIED).

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.............................. LOAN IN THE

AGGREGATE PRINCIPAL AMOUNT OF $.................

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 SECTIONS 19 TO 24 OF ARTICLE 31 OF THE
ANNOTATED CODE OF MARYLAND (1971 REPLACEMENT VOLUME
AND 1975 SUPPLEMENT, AS AMENDED FROM TIME TO TIME).

THE BONDS ISSUED TO EVIDENCE THIS LOAN OR
INSTALLMENTS THEREOF MAY BE SOLD AS A SINGLE ISSUE, OR
MAY BE CONSOLIDATED AND SOLD AS PART OF A SINGLE ISSUE
OF BONDS UNDER SECTION 2B OF ARTICLE 31 OF THE CODE.

(2)   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 AND THEREAFTER
SHALL BE CREDITED ON THE BOOKS OF THE STATE