1292
LAWS OF MARYLAND
Ch. 322
CHAPTER 322
(Senate Bill 340)
AN ACT concerning
Creation of a State Debt - Public Junior, Community,
and Regional Community College Facilities
Construction Loan of 1986
FOR the purpose of authorizing the creation of a State debt in
the amount of $4,000,000, 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:
(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 Public Junior, Community, and Regional
Community College Facilities Construction Loan of 1986 in the
total principal amount of $4,000,000. 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: 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
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