WILLIAM DONALD SCHAEFER, Governor                    Ch. 409

CHAPTER 409

(Senate Bill 930)

AN ACT concerning

Creation of a State Debt - The Carroll Creek Project

FOR the purpose of authorizing the creation of a State Debt in
the amount of $3,000,000 $2,000,000, the proceeds to be used
as a grant to the City of Frederick for the purpose of
assisting in the construction of Phase III of the Carroll
Creek Project, between South Market Street and South Carroll
Street, in the City of Frederick, Frederick County, subject
to the requirement that the City of Frederick provide at
least an equal and matching fund of a certain kind for the
same purpose by a certain date.

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 Carroll Creek Project Loan of 1987 in the
total principal amount of $3,000,000 $2,000,000. 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: as a grant to the City of Frederick for the
purpose of assisting in the construction of Phase III of the
Carroll Creek Project, between South Market Street and South
Carroll Street, in the City of Frederick, Frederick County.

(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

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