HARRY HUGHES, Governor

1009

FOR THE PURPOSE OF AUTHORIZING THE CREATION OF A STATE DEBT IN
THE AMOUNT OF $...., THE PROCEEDS TO BE USED (HERE GENERALLY
DESCRIBE THE PURPOSE TO WHICH THE PROCEEDS ARE TO BE APPLIED).

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 ... LOAN OF 19.. IN THE TOTAL PRINCIPAL
AMOUNT OF $.....THIS LOAN SHALL BE EVIDENCED BY THE ISSUANCE,
SALE, AND DELIVERY OF STATE GENERAL OBLIGATION BONDS AUTHORIZED
BY A RESOLUTION OF THE BOARD OF' PUBLIC WORKS AND ISSUED, SOLD,
AND DELIVERED IN ACCORDANCE WITH §§ 8-117 THROUGH 8-124 OF THE
STATE FINANCE AND PROCUREMENT ARTICLE AND ARTICLE 31, § 22 OF THE
CODE.

(2)  THE BONDS TO EVIDENCE THIS LOAN OR INSTALLMENTS OF THIS
LOAN MAY BE SOLD AS A SINGLE ISSUE OR MAY BE CONSOLIDATED AND
SOLD AS PART OF A SINGLE ISSUE OF BONDS UNDER § 8-122 OF THE
STATE FINANCE AND PROCUREMENT ARTICLE.

(3)  THE CASH PROCEEDS OF THE SALE OF THE BONDS SHALL BE
PAID TO THE TREASURER AND FIRST SHALL BE APPLIED TO THE PAYMENT
OF THE EXPENSES OF ISSUING, SELLING, AND DELIVERING THE BONDS,
UNLESS FUNDS FOR THIS PURPOSE ARE OTHERWISE PROVIDED, AND THEN
SHALL BE CREDITED ON THE BOOKS OF THE COMPTROLLER AND EXPENDED,
ON APPROVAL BY THE BOARD OF PUBLIC WORKS, FOR THE FOLLOWING
PUBLIC PURPOSES, INCLUDING ANY APPLICABLE ARCHITECTS' AND
ENGINEERS' FEES (HERE STATE THE PURPOSE OR PURPOSES TO WHICH THE
PROCEEDS OF THE BONDS ARE TO BE APPLIED).

(4)  AN ANNUAL STATE TAX IS IMPOSED 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. THE PRINCIPAL SHALL BE DISCHARGED WITHIN 15 YEARS
AFTER THE DATE OF ISSUE OF THE BONDS.

SECTION 2. AND BE IT FURTHER ENACTED, THAT THIS ACT SHALL
TAKE EFFECT JUNE 1, 19....".

(D) ADDITIONAL PROVISIONS.

AN ENABLING ACT UNDER THIS SECTION MAY CONTAIN:

(1)  AN ADDITIONAL PROVISION FOR ALL OR PART OF THE
PRINCIPAL OF AND INTEREST ON THE STATE BONDS ISSUED UNDER THE
ENABLING ACT TO BE PAID PRIMARILY FROM SOURCES OF FUNDS OTHER
THAN A STATE TAX ON ASSESSABLE PROPERTY; AND

(2)  ANY OTHER ADDITIONAL PROVISION THAT IS
APPROPRIATE TO THE PURPOSE OF THE ENABLING ACT AND THE NATURE OF
STATE BONDS.