3508                                      LAWS OF MARYLAND                                    Ch. 601

AN ACT concerning

Public Works - Borrowing Powers -
Revenue Anticipation

FOR the purpose of altering the amounts of money which the
Treasurer at the direction of the Board of Public Works
may borrow in anticipation of revenues as set forth in
the Fiscal Digest tax receipts as set forth in the
revenue estimates supporting an enacted budget or in
anticipation of settlement of a bond issue; changing
the conditions for these loans; correcting certain
language; providing that this legislation shall be
contingent upon the fulfillment of certain conditions;
and generally relating to the power of the Board of
Public Works to issue revenue anticipation notes.

BY repealing

Article 78A - Public Works

Section 9

Annotated Code of Maryland

(1980 Replacement Volume and 1981 Supplement)

BY adding to

Article 78A - Public Works

Section 9

Annotated Code of Maryland

(1980 Replacement Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article 78A - Public Works

9.

[The Board of Public Works is hereby authorized and
empowered to borrow upon the credit of the State, at any
time between the regular annual sessions of the General
Assembly in sum or sums not to exceed $50,000 in the
aggregate to meet temporary deficits in the treasury, and in
addition thereto the said Board of Public Works is hereby
authorized and empowered to borrow upon the credit of the
State in sum or sums not to exceed $1,000,000 in the
aggregate, in anticipation of taxes levied for any year. All
loans made in pursuance of this section shall bear interest
at a rate to be determined by the Board of Public Works, and
shall mature and be repaid on or before the end of the year
following that in which said sums are borrowed.]