BLAIR LEE III, Acting Governor

2711

evidencing the 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 St. Mary's County
Jail Loan of 1878 in the aggregate principal amount of
$200,000. 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 (1976
Replacement Volume and 1977 Supplement, as amended from time
to time).

(2)    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.

(3)    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: to assist in
the construction, renovation, rehabilitation, and equipping
of the existing St. Mary's County Jail facility.

(4)    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.

(5)    Prior to the payment of any funds under the
provisions of this Act for the purposes set forth in Section
1(3) above, the Board of County Commissioners of St. Mary's
County shall provide at least an equal and matching fund of
$200,000 for this project. The Board of County
Commissioners of St. Mary's County shall have until June 1,
1980 to present evidence satisfactory to the Board of Public
Works that this fund will be provided. Upon receiving from
the Board of Public Works on or before June 1, 1980, a
certification of suitable evidence, the Treasurer of the
State shall spend the proceeds of the loan the proceeds of

the loan shall be expended in accordance with the

provisions of this Act. If satisfactory evidence of the
raising of at least an equal and matching fund for this
project is not presented to the Board of Public Works on or
before June 1, 1980 the proceeds of the loan shall be
transferred to the Annuity Bond Fund and applied to the debt
service requirements of the State.