1890
LAWS OF MARYLAND
Ch. 195
(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 be added to the
Authorized Purpose Insurance Fund established by § 13-121(a) of
the Financial Institutions Article.
(4) There is hereby levied and imposed an annual State tax
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, such principal to be
discharged within 15 years of the date of issue of the bonds.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1985.
Approved May 21, 1985.
CHAPTER 196
(Senate Bill 415)
AN ACT concerning
Creation of a State Debt - Public Junior, Community,
and Regional Community College Facilities
Construction Loan of 1985
FOR the purpose of authorizing the creation of a State Debt in
the amount of $6,000,000, the proceeds to be used to assist
the counties and Baltimore City in financing the design and
construction of public junior, community, and regional
community college buildings, site improvements, and
facilities, and in financing the acquisition of real
property or interests in land required in connection with
those buildings, site improvements, and facilities; and
providing generally for the issuance and sale of bonds
evidencing the loan.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:
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