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HARRY HUGHES, Governor 1321
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1983.
Approved May 24, 1983.
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CHAPTER 411
(House Bill 249)
AN ACT concerning
Creation of a State Debt - Rail Property Rehabilitation
FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,325,000 $1,025,000 $1,000,000, the proceeds
to be used as a grant to Worcester County for improvement
and rehabilitation of real property in the Dagsboro,
Delaware to Snow Hill, Maryland rail facility; granting the
State certain rights in the event of a sale of the rail
facility; 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 Rail Property Rehabilitation Loan of 1983
in the aggregate principal amount of $1,325,000 $1,025,000
$1,000,000. 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 1982
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: as a grant to
Worcester County for the improvement and rehabilitation of real
property in the Dagsboro, Delaware to Snow Hill, Maryland rail
facility.
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