1286

LAWS OF MARYLAND

Ch. 447

AN ACT concerning

Creation of a State Debt — Bear Creek Bridges

FOR the purpose of authorizing the creation of a State Debt
in the amount of $1,795,000 $1,500,000, the proceeds to
be used to pay the principal of and interest on
unredeemed outstanding Bear Creek Bridges 3 1/2 percent
bonds of 1958 so that the tolls on these bridges may be
removed, subject to the condition that title to these
bridges be transferred from the Baltimore County
Revenue Authority to Baltimore County, Maryland;
providing generally for the issue and sale, of bonds
evidencing the loan; and making this Act contingent on
the passage of another measure.

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 Bear Creek Bridges
Loan of 1979 in the aggregate principal amount of $1,795,000
$1,500,000. 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 (1975 1976
Replacement Volume and 1978 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 pay the
principal of and interest on unredeemed outstanding Bear
Creek Bridges 3 1/2 percent bonds of 1958 so that the tolls
on these bridges may be removed, subject to the requirement
that title to these bridges be transferred from the
Baltimore County Revenue Authority to Baltimore County,
Maryland.

(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.