3504
LAWS OF MARYLAND
Ch. 599
(House Bill 98)
AN ACT concerning
Creation of a State Debt - Hagerstown Municipal Stadium
FOR the purpose of authorizing the creation of a State Debt
in the amount of $250,000, the proceeds to be used as a
grant to the Mayor and City Council of Hagerstown for
the planning, renovation, and improvement of the
Hagerstown Municipal Stadium, and for the planning and
construction of a grandstand in the Hagerstown
Municipal Stadium; subject to the requirement that the
Mayor and City Council of Hagerstown provide at least
an equal and matching fund of a certain kind for the
same purpose by a certain date; 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 Hagerstown Municipal
Stadium Loan of 1982 in the aggregate principal amount of
$250,000. 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.
(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 as a
grant to the Mayor and City Council of Hagerstown for the
planning, renovation, and improvement of the Hagerstown
Municipal Stadium, and for the planning and construction of
a grandstand in the Hagerstown Municipal Stadium.
(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
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