HARRY HUGHES, Governor                               3627

Sincerely,
Harry Hughes
Governor

House Bill No. 1499

AN ACT concerning

Creation of a State Debt - Foster Branch Dredging

FOR the purpose of authorizing the creation of a State Debt
in the amount of $75,000 $45,000, the proceeds to be
used as a grant to assist in the dredging of Foster
Branch in Joppatowne, Maryland; 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 Foster Branch
Dredging Loan of 1981 in the aggregate principal amount of
$75,000 $45,000. 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 grant
to assist in the dredging of Foster Branch in Joppatowne,
Maryland.

(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