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Session Laws, 1981
Volume 741, Page 2613   View pdf image
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HARRY HUGHES, Governor

2613

requirement that Montgomery County provide at least an
equal and matching fund for the same purpose by a
certain date; 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 Montgomery County
Detention Center Loan of 1981 in the aggregate principal
amount of $146,000. 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: as a State
grant to assist in the design, planning, construction, and
equipping of a gymnasium at the Montgomery County Detention
Center.

(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 purpose set forth in § 1(3)
above, Montgomery County shall provide at least an equal and
matching fund of $146,000 for this project. Montgomery
County shall have until June 1, 1983 to present evidence
satisfactory to the Board of Public Works that this fund
will be provided. 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,
1983, 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

 

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Session Laws, 1981
Volume 741, Page 2613   View pdf image
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