5184

VETOES

(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 a grant
to Worcester County for the improvement and rehabilitation
of property real property; personal property and property
rights of any kind in the Dagsboro, Delaware to Snow Hill
rail facility.

(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.

(5)  If the Dagsboro, Delaware to Snow Hill rail
facility is sold, the principal outstanding at the time of

the sale shall be paid to the State. However, not

withstanding the amount of outstanding principal, the amount
paid to the State may not exceed the amount of the
difference between the sale price and the acquisition cost
the State, acting through the Board of Public Works, has a
right of first refusal exercisable within 90 days after the
date of the first meeting of the Board held after notice of
the terms of the proposed sale is delivered to the Secretary
of the Board. If the facility is sold, whether to the State
or another purchaser, any principal or interest that remains
outstanding and unpaid at the date of sale shall be paid by
the purchaser to the State and credited to the Annuity Bond
Fund.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1982.

June 1, 1982
The Honorable James Clark, Jr.
President of the Senate
State House
Annapolis, Maryland 21404

Dear Mr. President: