WILLIAM DONALD SCHAEFER, Governor
Ch. 131
BY repealing and reenacting, with amendments,
Chapter 600 of the Acts of the General Assembly of 1986, as
amended by Chapter 472 of the Acts of the General
Assembly of 1988
Section 1
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Chapter 600 of the Acts of 1986, as amended by
Chapter 472 of the Acts of 1988
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 Prince George's County - Mount Rainier
COMMUNITY Recreation Center Loan of 1986 in the total principal
amount of $250,000. 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 Mayor and City Council of
Mount Rainier for the purpose of the planning, design,
construction, and equipping of a recreation COMMUNITY center in
Mount Rainier.
(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) Prior to the payment of any funds under the provisions
of this Act for the purposes set forth in Section 1(3) above, the
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