2394

LAWS OF MARYLAND

Ch. 604

NOTWITHSTANDING THE PROVISIONS OF § 22D OF THIS

ARTICLE, THE INTEREST OR INCOME FROM ANY INVESTMENT BY THE
TREASURER OF ANY MONEY OF THE DEPARTMENT OF TRANSPORTATION
SHALL BE CREDITED TO THE APPROPRIATE FUND OR ACCOUNT OF THE
DEPARTMENT OF TRANSPORTATION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1981.

Approved May 19, 1981.

CHAPTER 605

(House Bill 161)

AN ACT concerning

Creation of a State Debt - Rail Property Acquisition

FOR the purpose of authorizing the creation of a State Debt
in the amount of $9,500,000 $3,5000,000 $5,000,000, the
proceeds to be used for the acquisition, improvement,
and rehabilitation of property and property rights of
any kind in certain rail facilities within and without
the State of Maryland; providing for the terms and
conditions for the acquisition of these property
rights; 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 Rail Property
Acquisition Loan of 1981 in the aggregate principal amount
of $9,500,000 $3,500,000 $5,000,000. 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 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,