1406                                       LAWS OF MARYLAND                                    Ch. 503

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 Charles County Jail
Loan of 1977 in the aggregate principal amount of
[$1,300,000] $1,750,000. 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 1976 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 § 2B of Article 31 of the Code.

(2)   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 and equipping of a Charles County Jail.

(3)   Prior to the payment of any funds under the
provisions of this Act for the purposes set forth in Section
1. (2) above, Charles County shall provide at least an equal
and matching fund of [$1,300,000] $1,750,000 for this
project. The County Commissioners of Charles County shall
have until June 1, 1979 to present evidence satisfactory to
the Board of Public Works that the fund will be provided.
Upon receiving from the Board of Public Works on or before
June 1, 1979 a certification of suitable evidence, the
Treasurer of the State shall spend the proceeds of the loan
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, 1979, the
proceeds of the loan shall be transferred to the Annuity
Bond Fund and applied to the debt service requirements of
the State.

(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) This Act shall take effect June 1, 1972