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Ch. 527
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2000 LAWS OF MARYLAND
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CHAPTER 527
(Senate Bill 438)
AN ACT concerning
Creation of a State Debt - Cecil County - Town of Elkton
FOR the purpose of authorizing the creation of a State Debt in the amount of
$2,325,870 $750,000 $650,000, the proceeds to be used as a grant to the Mayor
and Commissioners of the Town of Elkton for certain development or
improvement purposes; providing for disbursement of the loan proceeds; 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 Cecil County
- Town of Elkton Loan of 2000 in the total principal amount of $2,325,870 $750,000
$650,000. 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 Commissioners of the
Town of Elkton for the placement of underground utilities, to be located beneath Main
Street in Elkton, Maryland.
(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 issuance of the bonds.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2000.
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Approved May 18, 2000.
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- 2814 -
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