HARRY HUGHES, Governor                                 5277

Sincerely,
Harry Hughes
Governor

House Bill No. 806

AN ACT concerning

Creation of a State Debt - Maryland
Industrial Loan Land Fund

FOR the purpose of authorizing the creation of a State debt
in the amount of $4,500,000 4,200,000, the proceeds to
be used to continue the Maryland Industrial Land Fund,
from which to make loans to political subdivisions
pursuant to the . Maryland Industrial Land Act; 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 Maryland Industrial
Land Loan of 1982 in the aggregate principal amount of
$4,500,000 4,200,000. 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 provide