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LAWS OF MARYLAND

Ch. 338

by June 1, 1988, the proceeds of the loan shall be applied to the
purposes authorized in § 8-129 of the State Finance and
Procurement Article.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1986.

Approved May 13, 1986.

CHAPTER 338

(Senate Bill 509)

AN ACT concerning

Creation of a State Debt -
St. Mary's County Correctional Facility

FOR the purpose of authorizing the creation of a State Debt in
the amount of $3,630,000, the proceeds to be used as a grant
to the Board of County Commissioners of St. Mary's County
for the purpose of the design, construction, and equipping
of the St. Mary's County Correctional Facility, including
the costs of any surveys, reports, and studies related to
the project, subject to the requirement that the Board of
County Commissioners of St. Mary's County 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 St. Mary's County Correctional Facility
Loan of 1986 in the total principal amount of $3,630,000. 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