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2722
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Ch. 677
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LAWS OF MARYLAND
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CHAPTER 677
(Senate Bill 1180)
AN ACT concerning
Creation of a State Debt - State Public School
Construction
and Capital Improvement Loan of 1977
FOR the purpose of authorizing the creation of a State
Debt in the amount of $75,000,000 $71,500,000
$69,000,000, the proceeds to be used to finance the
construction of public school buildings and public
school capital improvements in this State, and
providing generally for the issue and sale of bonds
evidencing such loan.
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 State Public
School Construction and Capital Improvement Loan of 1977
in the aggregate principal amount of $75,000,000
$71,500,000 $69,000.000. 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 23 of Article 31 of the Annotated
Code of Maryland (1971 1976 Replacement Volume and 1975
1976 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 unless funds for this purpose are
otherwise provided 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: (a) financing the construction of
public school buildings and public school capital
improvements in this State in accordance with the
provisions of Section 130A of Article 77 of the Annotated
Code of Maryland (1975 Replacement Volume and 1976
Supplement, as from time to time amended or replaced).
(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
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