1308

LAWS OF MARYLAND

Ch. 390

(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 Somerset County Jail
Loan of 1980 in the aggregate principal amount of $1,000,000
$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 (1976
Replacement Volume and 1979 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 assist in
the construction and equipping of a jail facility in
Somerset County.

(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)   Prior to the payment of any funds under the
provisions of this Act for the purposes set forth in Section
1(3) above, the County Commissioners of Somerset County
shall provide at least an equal and matching fund of
$1,000,000 $1,500,000 for this project. The County
Commissioners of Somerset County shall have until June 1,
1982 to present evidence satisfactory to the Board of Public
Works that this fund will be provided. Upon receiving from
the Board of Public Works on or before June 1, 1982, a
certification of suitable evidence, If satisfactory evidence
of the raising of at least an equal and matching fund for
this project is presented to the Board of Public Works on or
before June 1, 1982, the Board of Public Works shall so
certify to the Treasurer of the State and the proceeds of
the loan shall be expended 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,
1982, the proceeds of the loan shall be transferred to the
Annuity Bond Fund and applied to the debt service
requirements of the State.