2540

LAWS OF MARYLAND

Ch. 914

debt in the amount of [[$60,597,500]] $64,901,500,
the proceeds thereof to be used for certain
necessary building, construction, demolition,
planning, deferred maintenance and equipment
purposes of this State, and for acquiring certain
real estate and options in connection therewith;
providing generally for the issue and sale of bonds
evidencing said loan; providing, under certain
circumstances, that general funds be used to pay the
principal and interest of said bonds, and for the
purposes of this Act; modifying the provisions of
Section 8 of Chapter 101 of the Acts of 1970;
modifying the provisions of Section 8 of Chapter 179
of the Acts of 1972; modifying the provisions of
Section 8 of Chapter 195 of the Acts of 1973;
modifying the provisions of Section 8 of Chapter 289
of the Acts of 1974; and modifying the provisions of
Section 8 of Chapter 886 of the Acts of 1975.

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 General
Construction Loan of 1976 in the aggregate amount of
[[$60,597,500]] $64,901,500. 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 through 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 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, unless such funds are otherwise
provided in the annual budget bill, 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:

GENERAL CONSTRUCTION LOAN OF 1976

(A) Board of Public Works

(1) Annapolis (Anne Arundel County):