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Ch. 466 LAWS: OF MARYLAND.
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: to be added to the Small Business Surety Bond
Guaranty Fund established by § 13-234.2 of the Financial
Institutions Article for the purposes prescribed by law for the
fund.
(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, 1987.
Approved May 14, 1987.
CHAPTER 466
(House Bill 428)
AN ACT concerning
Workmen's Compensation - Group Self-Insurance
for Community Colleges
FOR the purpose of permitting a community college or regional
community college, with approval of the county governing
body or bodies, to be considered a county or municipality
for the purpose of group self-insuring workmen's
compensation; permitting certain governmental entities to
participate in a county government's self-insurance
workmen's compensation program; and generally relating to
self-insuring of workmen's compensation by community
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