HARRY HUGHES, Governor

1827

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

Approved May 29, 1979.

CHAPTER 675

(House Bill 1763)

AN ACT concerning

Creation of a State Debt - Wicomico County Youth and
Civic Center Loan of 1979

FOR the purpose of authorizing the creation of a State Debt
in the amount of not moro than $3,000,000 $2,100,000,
the proceeds of the loan to be used for financing a
part of the costs of the development, construction,
reconstruction, rehabilitation and renovation of the
Wicomico County Youth and Civic Center, subject to the
requirement that Wicomico County provide, from whatever
sources, at least three times that amount as a matching
sum amount for the same purpose; 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 Wicomico County
Youth and Civic Center Loan of 1979 in the aggregate
principal amount of not more than $3,000,000 $2,100,000.
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