WILLIAM DONALD SCHAEFER, Governor Ch. 429

CHAPTER 429

(Senate Bill 1070)

AN ACT concerning

Creation of a State Local Debt - Dorchester County -
Industrial Park and County Jail Sites

FOR the purpose of authorizing the creation of a State Debt in
the amount of $500,000, the proceeds to be used as a grant
to the Board of County Commissioners of Dorchester County
the County Commissioners of Dorchester County to issue
general obligation bonds in the amount of $500,000 for the
acquisition of land for an industrial park and a county jail
site to be located in Dorchester County; and providing
generally for the issue and sale of bonds evidencing the
loan. for those purposes, including a clarification that the
bonds authorized by Chapter 200 of the Acts of 1985 may be
used for those purposes.

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 Dorchester County Industrial Park and
County Jail Sites Loan of 1987 in the total principal amount of

$500,000. 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 Board of County Commissioners

of Dorchester County for the acquisition of land for an

industrial park and a county jail site to be located in
Dorchester County.

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