HARRY HUGHES, Governor

2257

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1984.

Approved May 15, 1984.

CHAPTER 322

(Senate Bill 274)

AN ACT concerning

Creation of a State Debt - Maryland Industrial
Development Financing Authority Authorized
Purpose Insurance Fund Loan of 1984

FOR the purpose of authorizing the creation of a State Debt in
the amount of $2,000,000, the proceeds to be added to the
Authorized Purpose Insurance Fund to be used by the Maryland
Industrial Development Financing Authority for the purposes
prescribed for the Fund in the Maryland Industrial
Development Financing Authority Act; 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 Maryland Industrial Development Financing
Authority Authorized Purpose Insurance Fund Loan of 1984 in the
aggregate principal amount of $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 (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
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: to provide moneys for