MARVIN MANDEL, Governor                                     13

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 § § 19 to [24] 23 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 § 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 Comptroller and expended, upon
approval by the Board of Public Works, for the following
public purposes, including any applicable architects' and
engineers' fees (here state the purpose or purposes to
which the proceeds of the bonds are to be applied).

(3)   There is hereby levied and imposed an annual
State tax 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 due and until paid in
full, such principal to be discharged within fifteen
years of the date of issue of the bonds,

(4)  This act shall take effect June 1, 19..."

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved March 16, 1976.

CHAPTER 8
(Senate Bill 310)

AN ACT concerning