Ch. 288

1997 LAWS OF MARYLAND

(1) Emergency Projects.

(3) The bonds issued under the authority of this Act do not create or constitute
any indebtedness or obligation of the State or of any political subdivision thereof except
the University of Maryland System, and the bonds shall so state on their face. The bonds
do not constitute a debt or obligation contracted by the General Assembly of Maryland or
pledge the faith and credit of the State within the meaning of Article III, Section 34 of the
Constitution of Maryland.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 1997.

Approved April 29, 1997.

CHAPTER 288
(House Bill 1265)

AN ACT concerning

Creation of a State Debt - Washington County - Town of Hancock - Community Center

FOR the purpose of authorizing the creation of a State Debt not to exceed $75,000, the
proceeds to be used as a grant to the Town of Hancock for certain acquisition,
development, or improvement purposes; providing for disbursement of the loan
proceeds, subject to a requirement that the grantee provide and expend a matching
fund; 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 Washington
County - Town of Hancock - Community Center Loan of 1997 in a total principal amount
equal to the lesser of (i) $75,000 or (ii) the amount of the matching fund provided in
accordance with Section 1(5) below. 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:

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