Ch. 581

LAWS OF MARYLAND

Assembly; 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)  That Board of Public Works may borrow money and incur
indebtedness on behalf of the State of Maryland through a State
loan to be know as the Salisbury District Court/Multi-Service
Center Loan of 1988 in the total principal amount of $15,000,000.
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 the provisions of §§ 8-117 through 8-125 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 used by the Department of General
Services for the purpose of designing, constructing, and
equipping a District Court/Multi-Service Center in Salisbury,
Maryland (Wicomico County) to provide State government services
to that area of the State.

(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.

(5)  This authorization shall be null and void without
further action of the General Assembly if the General Assembly
authorizes the financing of this project under the special

financing procedures covered in Chapter _____ of the Acts of 1988

(H.B. ____ or S.B. _____) (H.B. 352 or S.B. 460) .

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

Approved May 27, 1988.

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