Ch. 148                                           LAWS OF MARYLAND

CHAPTER 148

(Senate Bill 737)

AN ACT concerning

Creation of a State Debt - Calvert County Jail

FOR the purpose of authorizing the creation of a State Debt in
the amount of $2,700,000 the proceeds to be used as a grant
to the Board of County Commissioners of Calvert County for
the expansion of and renovations to the Calvert County Jail,
subject to the requirement that the Board of County
Commissioners of Calvert County provide at least an equal
and matching fund of a certain kind for the same purpose by
a certain date; 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 Calvert County Jail Loan of 1989 in the
total principal amount of $2,700,000. 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 Board of County Commissioners
of Calvert County for the expansion of and renovations to the
Calvert County Jail.

(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.

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