5208

VETOES

(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 Supplemental Public
School Construction and Capital Improvement Loan of 1982 in
the aggregate principal amount of $10,000,000 $4,000,000
$2,000,000. 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: to finance
energy conservation projects; to finance the cost of the
acquisition of such real estate as may be required in
connection with the construction of public school buildings
and facilities, by each of the counties County Boards of
Education in this State and by the Mayor and City Council of
Baltimore; and to finance the costs of construction,
improvement, or renovation of public school buildings and
facilities by the counties County Boards of Education of the
State and the City of Baltimore, not eligible for State
financing under Section 5-301 of the Education Article of
the Annotated Code of Maryland (1978 Volume and 1981
Supplement, as amended from time to time).

(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 15 years of the date of
issue of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That the
financial assistance shall be granted for the purposes
stated above to each of the counties County Boards of
Education in this State and to the Mayor and City Council of
Baltimore upon the following terms and conditions.