WILLIAM DONALD SCHAEFER, Governor Ch. 406

CHAPTER 406

(House Bill 433)

AN ACT concerning

Creation of a State Debt - Korean War Memorial

FOR the purpose of authorizing the creation of a State Debt in
the amount of $750,000, the proceeds to be used as a grant
to the Korean War Memorial Commission for the construction
of a memorial in Baltimore City to honor Marylanders who
served in the Korean War; making the grant contingent on
provision of a perpetual care fund; 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 Korean War Memorial Loan of 1988 in the
total principal amount of $750,000. 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 Korean War Memorial
Commission for the construction of a memorial in Baltimore City
to honor Marylanders who served in the Korean War.

(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.

- 3125 -