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Ch. 636
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LAWS OF MARYLAND
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2030
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1983.
Approved May 31, 1983.
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CHAPTER 637
(House Bill 910)
AN ACT concerning
Creation of a State Debt - Supplemental Public School
Construction and Capital Improvement Loan of 1983
FOR the purpose of authorizing the creation of a State Debt in
the amount of $20,000,000 $900,000, the proceeds to be used
to finance the construction, improvement, or renovation of
certain public school buildings and facilities, including
energy conservation projects and the acquisition of real
estate by the county boards of education of this State and
by the Mayor and City Council of Baltimore; providing for
the method by which such financial assistance is to be
afforded to the various county boards of education and the
City of Baltimore; providing certain limitations on certain
assistance; 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 Supplemental Public School Construction
and Capital Improvement Loan of 1983 in the aggregate principal
amount of $20,000,000 $900,000. 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
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