3642

VETOES

House Bill No. 1841

AN ACT concerning

Creation of a State Debt - Jerico Bridge

FOR the purpose of authorizing the creation of a State Debt
in the amount of $150,000, the proceeds to be used for
the restoration and reconstruction of the Jerico Bridge
located in Baltimore and Harford Counties, subject to
the requirement that Baltimore and Harford counties
jointly provide at least an equal and matching fund of
a certain kind for the same purpose; 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 Jerico Bridge Loan
of 1981 in the aggregate principal amount of $150,000. 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 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: for the
restoration and reconstruction of the Jerico Bridge located
in Baltimore and Harford Counties.

(4) Prior to the payment of any funds under the
provisions of this Act for the purposes set forth in Section
1(3) above, Baltimore and Harford counties jointly shall
provide at least an equal and matching fund of $150,000 for