WILLIAM DONALD SCHAEFER, Governor Ch. 251

(2) The conditions of paragraph (1) of this
subsection shall not apply in determining an award under
paragraphs (4), (5), and (6) of § 5(a) of this article.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988.

Approved May 17, 1988.

CHAPTER 251

(House Bill 630)

AN ACT concerning

Creation of a State Debt - State Public School Construction
and Capital Improvement Loan of 1988

FOR the purpose of authorizing the creation of a State Debt in
the amount of $53,000,000, the proceeds to be used to
finance the construction of public school buildings and
public school capital improvements in this State; 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 State Public School Construction and
Capital Improvement Loan of 1988 in the total principal amount of
$53,000,000. 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,

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