Ch. 532                                          LAWS OF MARYLAND

CHAPTER 532

(House Bill 1486)

AN ACT concerning

Creation of a State Debt - Anne Arundel County -
Quiet Waters Farm

FOR the purpose of authorizing the creation of a State Debt in
the amount of $2,500,000 $2,000,000, the proceeds to be used
as a grant to the County Executive and County Council of
Anne Arundel County for the development of Quiet Waters Farm
as a Bay access park; subject to the requirement that the
County Executive and County Council of Anne Arundel County
provide at least an equal and matching fund of a certain
kind and amount for the same purpose by a certain date; 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 Anne Arundel County - Quiet Waters Farm
Loan of 1988 in the total principal amount of $2,500,000
$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 County Executive and County
Council of Anne Arundel County for the development of Quiet
Waters Farm as a Bay access park.

(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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