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1415
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HARRY HUGHES, Governor
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CHAPTER 454
(House Bill 821)
AN ACT concerning
Creation of a State Debt - The Carroll Creek Project
FOR the purpose of authorizing the creation of a State Debt in
the amount of $2,500,000 $2,000,000, the proceeds to be used
as a grant to the City of Frederick to assist in the
construction of Phase I of the Carroll Creek Project,
between and including South Court Street and South Market
Street, in the City of Frederick, Frederick County; 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 Carroll Creek Project Loan of 1983 in the
aggregate principal amount of $2,500,000 $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 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 the
City of Frederick to assist in the construction of the Carroll
Creek Project in Frederick County; construction of Phase I of the
Carroll Creek Project, between and including South Court Street
and South Market Street, in the City of Frederick, Frederick
County, Maryland.
(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
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