HARRY HUGHES, Governor

2119

Creation of a State Debt

Maryland Transportation Authority - Choptank

River Bridge

FOR the purpose of authorizing the creation of a State Debt
in the amount of $75,000,000, the proceeds to be used
for the planning, design, and construct of a new
Choptank River Bridge at Cambridge; 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 Choptank River
Bridge Loan of 1981 in the aggregate principal amount of

$75,000,000. 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 1980 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 ad sold as part of a single issue of bonds
under § 2B of Article 31 of this 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
and applicable architects' and engineers' fees: for the
planning, design, and construction of a new Choptank River
Bridge at Cambridge.

(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. FOR the purpose of mandating that the
Maryland Transportation Authority construct, operate, and
maintain a bridge across the Choptank River as a
transportation facilities project; providing the Authority
with certain condemnation powers; providing for conformance
with certain other provisions; providing for trust agreement
conditions; and providing for the treatment of tolls.

BY repealing and reenacting, with amendments,