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9
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MARVIN MANDEL, Governor
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6. Debt service
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.
Passed over the Governor's veto, in the Senate on January
12, 1977, and in the House of Delegates on January
19, 1977.
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CHAPTER 5
(Senate Bill 892 of 1976)
AN ACT concerning
Creation of a State Debt — Bird River
and North East Creek Dredging
FOR the purpose of authorizing the creation of a State
Debt in the amount of $46 0,000, the proceeds to be
used for the dredging of the Bird River and North
East Creek; providing that payment of any funds
under the provisions of this Act shall be contingent
upon certain conditions; providing that funds
provided under the provisions of this Act shall be
deemed to be abandoned if not encumbered within a
certain time; 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 Bird River and
North East Creek Dredging Loan of 1976 in the aggregate
principal amount of [[#460,000]] $460,000, to be
apportioned in the amount of $260,000 for the Bird River
Dredging Project and in the amount of $200,000 for the
North East Creek Dredging Project. 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 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.
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