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LAWS OF MARYLAND
Ch. 457
CHAPTER 457
(Senate Bill 518)
AN ACT concerning
Creation of a State Debt — Memorial Stadium
FOR the purpose of authorizing the creation of a State Debt
in the aggregate amount of $1,000,000, the proceeds to
be used for a State grant to the Mayor and City Council
of Baltimore for the construction, renovation,
improvement, and equipping of Memorial Stadium on 33rd
Street in the City of Baltimore; and providing
generally for the issue and sale of bonds 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 Memorial Stadium
Loan of 1979 in the aggregate principal amount of
$1,000,000. 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 (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: for a State
grant to the Mayor and City Council of Baltimore for the
construction, renovation, improvement, and equipping of
Memorial Stadium on 33rd Street in the City of Baltimore.
(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
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