HARRY HUGHES, Governor                                     1825

c. Provide that a local government that was not
participating in the moratorium in effect for the 1984 fiscal
year may participate in the moratorium for the 1985 fiscal year
by affirmatively requesting such participation not later than
July 1, 1984.

d. It is the intent of the General Assembly that
there be no moratorium whatsoever from fiscal year 1985.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1984.

Approved May 8, 1984.

CHAPTER 291

(Senate Bill 482)

AN ACT concerning

Creation of a State Debt - State Public School Construction and
Capital Improvement Loan of 1984

FOR the purpose of authorizing the creation of a State Debt in
the amount of $36,000,000, the proceeds to be used to
finance the construction of public school buildings and
public school capital improvements in this State; 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 State Public School Construction and
Capital Improvement Loan of 1984 in the aggregate principal
amount of $36,000,000. 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 (1983 Replacement
Volume, 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