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LAWS OF MARYLAND

Ch. 460

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1979.

Approved May 29, 1979.

CHAPTER 461

(Senate Bill 539)

AN ACT concerning

Creation of a State Debt — Woodbourne Center

FOR the purpose of authorizing the creation of a State    Debt

in the amount of $200,000, the proceeds to be used      for
the renovation, restoration, repair, and equipping of

an existing structure at the Woodbourne Center,      1301

Woodbourne Avenue, Baltimore, Maryland, for use    as a

school; 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 Woodbourne Center
Loan of 1979 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 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 the
renovation, restoration, repair, and equipping of an
existing structure at the Woodbourne Center, 1301 Woodbourne
Avenue, Baltimore, Maryland, for use as a school.

(4)    There is hereby levied and imposed an annual
State tax on all assessable property in the State in rate