HARRY HUGHES, Governor
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(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: to assist
the Johns Hopkins University in the construction of the
Space Telescope Science Institute in Baltimore City.
(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 532
(Senate Bill 514)
AN ACT concerning
Creation of a State Debt -
Industrial and Commercial Redevelopment Fund
FOR the purpose of authorizing the creation of a State debt
in the amount of $3,500,000 $3,000,000, the proceeds to
be used to continue the Industrial and Commercial
Redevelopment Fund; 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 Industrial and
Commercial Redevelopment Loan of 1982 in the aggregate
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