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1680 LAWS OF MARYLAND Ch. 465
(4) An annual State tax is imposed 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. The principal shall be discharged within 15 years
after the date of issue of the bonds.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1986.
Approved May 13, 1986.
CHAPTER 465
(House Bill 582)
AN ACT concerning
Creation of a State Debt - Associated Catholic
Charities, Inc. Loan of 1986
FOR the purpose of authorizing the creation of a State Debt in
the amount of $350,000, the proceeds to be used as a grant
to the Associated Catholic Charities, Inc. to assist in the
design, renovation, and equipping of Saint Vincent's Center,
subject to the requirement that Associated Catholic
Charities, Inc. provide a matching fund of a certain type
and amount for the same purpose by a certain date; providing
that no proceeds of the loan or any of the matching funds
may be used for religious purposes; 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 Associated Catholic Charities, Inc. Loan
of 1986 in the total principal amount of $350,000. 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.
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