3098 LAWS OF MARYLAND Ch. 490
(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 Rail Property
Acquisition Loan of 1981 in the aggregate principal amount
of $5,000,000. 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:
for the acquisition, improvement, and rehabilitation of
property and property rights of any kind in rail facilities
within and without the State of Maryland as follows:
Townsend, Delaware to Centreville; Massey to Chestertown;
Clayton, Delaware to Easton; Queen Anne's to Denton;
Seaford, Delaware to Cambridge; Preston to Hurlock;
Salisbury to Hebron; King's Creek to Crisfield; [and]
Littlestown, Pennsylvania to Frederick; AND WESTMINSTER TO
CEDARHURST. These property rights may be acquired on the
terms and conditions recommended by the Secretary of
Transportation and the Board of Public Works.
(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.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1982.
Approved June 1, 1982.
CHAPTER 491
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