Ch. 620

LAWS OF MARYLAND

CHAPTER 620

(Senate Bill 809)

AN ACT concerning

Creation of a State Debt - Perryville
Community Park Entrance

FOR the purpose of authorizing the creation of a State Debt in
the amount of $300,000 $200,000, the proceeds to be used as
a grant to the Mayor and Town Council of Perryville for the
construction of a new entrance to the Perryville Community
Park, subject to the requirement that the Mayor and Town
Council of Perryville provide at least an equal and matching
fund of a certain kind and amount 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 Perryville Community Park Entrance Loan
of 1988 in the total principal amount of $300,000 $200,000. 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 Town Council of
Perryville for the construction of a new entrance to the
Perryville Community Park.

(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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