HARRY HUGHES, Governor

2509

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 Supplemental Public
School Construction and Capital Improvement Loan of 1981 in
the aggregate principal amount of $10,000,000 4,000,000
2,000,000. 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
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 finance
the cost of the acquisition of such real estate as may be
required in connection with the construction of public
school buildings and facilities, by each of the counties in
this State and by the Mayor and City Council of Baltimore
and to finance the costs of construction, improvement, or
renovation of public school buildings and facilities by the
counties of the State and the City of Baltimore not eligible
for State financing under Section 5-301 of the Education
Article of the Annotated Code of Maryland (1978 Volume and
1980 Supplement, as amended from time to time).

(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 15 years of the date of
issue of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That the
financial assistance shall be granted for the purposes
stated above to each of the counties in this State and to
the Mayor and City Council of Baltimore upon the following
terms and conditions:

(a) Whenever any county or the City of Baltimore
desires to participate in the financial assistance which is