2078

LAWS OF MARYLAND

Ch. 268

CHAPTER 268

(House Bill 174)

AN ACT concerning

Creation of a State Debt - Carroll Creek Project

FOR the purpose of authorizing the creation of a State Debt in
the amount of $3,000,000 $1,500,000, the proceeds to be used
as a grant to the City of Frederick for the purpose of
assisting in the construction of Phase II of the Carroll
Creek Project, between and including South Market Street and
South Carroll Street, in the City of Frederick, Frederick
County, subject to the requirement that the City of
Frederick provide at least an equal and matching fund of a
certain kind for the same purpose by a certain date; 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 Carroll Creek Project Loan of 1985 in the
aggregate principal amount of $3,000,000 $1,500,000. 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 and 1984 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
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: as a grant to the
City of Frederick for the purpose of assisting in the
construction of Phase II of the Carroll Creek Project, between
and including South Market Street and South Carroll Street, in
the City of Frederick, Frederick County.

(4)  There is hereby levied and imposed an annual State tax
on all assessable property in the State in rate and amount