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1508 LAWS OF MARYLAND Ch. 496
Chapter 529 of the Acts of the General Assembly of 1980, as
amended by Chapter 552 of the Acts of the General
Assembly of 1982
Section 1(5)(b) and (6)
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BY adding to
Chapter 529 of the Acts of the General Assembly of 1980, as
amended by Chapter 552 of the Acts of the General
Assembly of 1982
Section 1(5)(b) and (6)
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BY repealing and reenacting, without amendments,
Chapter 529 of the Acts of the General Assembly of 1980, as
amended by Chapter 552 of the Acts of the General
Assembly of 1982
Section 1(3) and (5)(a)
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Chapter 529 of the Acts of 1980, as amended by
Chapter 552 of the Acts of 1982
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 Memorial Stadium Seating Field Facilities
Loan of 1980 in the aggregate principal amount of [$22,000,000]
$15,000,000. 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 Sections 19 to 23
of Article 31 of the Annotated Code of Maryland (1976 Replacement
Volume and [1979] 1982 Supplement, as amended from time to time).
(5) (b) The amount to be deducted in any year pursuant to
Subsection (a) shall be the sum of the amounts determined as
follows for each year in which expenditures are approved by the
Board of Public Works pursuant to this Act. For each of fifteen
years following any approval of expenditures by the Board of
Public Works, as provided in Subsection (a), an amount which
bears the same proportion to [$800,000] $545,540 as the total
amount approved for expenditure by the Board in the 12 months
preceding the applicable July 1 bears to [$22,000,000]
$15,000,000.
(3) The actual cash proceeds of the sale of the bonds shall
be paid to the Treasurer and shall be first applied to the
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