3686 LAWS OF MARYLAND Ch. 673
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.
Approved June 1, 1982.
CHAPTER 674
(House Bill 986)
AN ACT concerning
Creation of a State Debt Garrett County Scenic
Railroad - Study
FOR the purpose of authorizing the creation of a State Debt
in the amount of $50,000, the proceeds to be used for
planning the feasibility of constructing and actually
planning the construction of a scenic railroad in
Garrett County from Oakland to Swallow Falls State
Park, and providing generally for the issue and sale of
bonds evidencing the loan requiring the Department of
State Planning to study the planning and the
feasibility of constructing a scenic railroad in
Garrett County from Herrington Manor State Park to
Swallow Falls State Park.
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 Garrett County
Scenic Railroad Loan of 1982 in the aggregate principal
amount of $50,000. 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
|