2282                                          LAWS OF MARYLAND                                      Ch. 37 2

CHAPTER 372

(House Bill 856)

AN ACT concerning

Creation of a State Debt - Somerset County
Agricultural and Civic Center, Inc.

FOR the purpose of authorizing the creation of a State Debt in
the amount of $250,000 $135,000, the proceeds to be used as
a grant to Somerset County Agricultural and Civic Center,
Inc. for the purpose of the design, construction,
renovation, and equipping of the Somerset County
Agricultural and Civic Center, subject to the requirement
that Somerset County Agricultural and Civic Center, Inc.
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 Somerset County Agricultural and Civic
Center, Inc. Loan of 1985 in the aggregate principal amount of
$250,000 $135,000. 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
Somerset County Agricultural and Civic Center, Inc. for the
purpose of the design, construction, renovation, and equipping of
the Somerset County Agricultural and Civic Center.

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