HARRY HUGHES, Governor

3453

through a State loan to be known as the Emmitsburg Pike
U.S. Route 15 Loan of 1981 in the aggregate principal amount
of $25,500,000 $19,800,000. 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 1981 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. The General Assembly
anticipates that the bonds authorized herein may be sold in
the amount of $4,000,000 during fiscal 1982, in the amount
of $8,000,000 during fiscal 1982, and in the amount of
$7,800,000 during fiscal 1984.

(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 and funds to
be made available to the State Highway Administration of the

Department of Transportation for reconstruction and

improvements to the Emmitsburg Pike, Route 15, in Frederick
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) Provided that in any year in which funds are

appropriated in the budget of the Department of

Transportation in an amount sufficient to pay the principal
and interest on the bonds as and when due, and the funds are
transferred to the annuity bond fund in the manner as
provided in Section 20(c) of Article 31 of the Annotated
Code of Maryland, the property tax shall not be levied.

SECTION 1. BE II ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows;

Article - Transportation

4-206.