|
1970
LAWS OF MARYLAND
Ch. 547
THE FURNISHING OF A PAYMENT OR PERFORMANCE BOND IN CONNECTION
WITH THE AWARD OF ANY CONSTRUCTION CONTRACT.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986.
Approved May 13, 1986.
CHAPTER 547
(House Bill 1210)
AN ACT concerning
Creation of a State Debt - Children's Zoo Loan of 1986
FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,300,000 $550,000, the proceeds to be used
as a grant to the Mayor and City Council of Baltimore for
the purpose of developing, constructing, and equipping the
Children's Zoo in Druid Hill Park in Baltimore, Maryland,
subject to the requirement that the Mayor and City Council
of Baltimore 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 Children's Zoo Loan of 1986 in the total
principal amount of $1,300,000 $550,000. 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,
|
