Ch. 190

LAWS OF MARYLAND

CHAPTER 190

(House Bill 403)

AN ACT concerning

Creation of a State Debt - City of Frederick Stadium Complex

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 Mayor and Board of Aldermen of the City of Frederick for
the construction of a stadium complex subject to the
requirement that the Mayor and Board of Aldermen of the City
of Frederick 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 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 City of Frederick - Stadium Complex Loan
of 1989 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 Mayor and Board of Aldermen of
the City of Frederick for the construction of a stadium complex.

(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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