HARRY HUGHES, Governor                                     2489

CHAPTER 475

(House Bill 1657)

AN ACT concerning

Creation of a State Debt - Prince George's Equestrian Center

FOR the purpose of authorizing the creation of a State Debt in
the amount of $200,000, the proceeds to be used as a grant
to the Maryland-National Capital Park and Planning
Commission for the purpose of the study and planning of an
indoor arena at the Prince George's Equestrian Center,
subject to the requirement that the Maryland-National
Capital Park and Planning Commission 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 Prince George's Equestrian Center Loan of
1985 in the aggregate principal amount of $200,000. 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
Maryland-National Capital Park and Planning Commission for the
purpose of the study and planning of an indoor arena at the
Prince George's Equestrian Center.

(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