3352

LAWS OF MARYLAND

Ch. 552

BY SUBSECTION (B) shall be deducted by the Comptroller from
the amounts due to the county or municipality in which the
Baltimore Orioles relocate from the Admissions and Amusement
Tax or from amounts due to the county or municipality from
the Local Income Tax, in equal quarterly installments.
[This sum of $400,000] THAT BALANCE ALSO shall be
transferred to the Annuity Bond Fund for partial payment of
the principal and interest on the Loan.

(B) THE AMOUNT TO BE DEDUCTED IN ANY YEAR PURSUANT TO
SUBSECTION (A) SHALL BE THE SUM OF THE AMOUNTS DETERMINED AS
FOLLOWS FOR EACH YEAR IN WHICH EXPENDITURES ARE APPROVED BY
THE BOARD OF PUBLIC WORKS PURSUANT TO THIS ACT: FOR EACH OF
FIFTEEN YEARS FOLLOWING ANY APPROVAL OF EXPENDITURES BY THE
BOARD OF PUBLIC WORKS, AS PROVIDED IN SUBSECTION (A), AN
AMOUNT WHICH BEARS THE SAME PROPORTION TO $800,000 AS THE
TOTAL AMOUNT APPROVED FOR EXPENDITURE BY THE BOARD IN THE 12
MONTHS PRECEDING THE APPLICABLE JULY 1 BEARS TO $22,000,000.

(9) THE PROVISIONS OF ARTICLE 78A, § 4 OF THE CODE DO
NOT APPLY TO THE AUTHORIZATIONS CONTAINED IN THIS ACT.
THESE AUTHORIZATIONS SHALL BE TERMINATED WITH RESPECT TO ANY
PORTION OF THE PROJECT DESCRIBED IN SECTION 1(3) OF THIS ACT
FOR WHICH THE BOARD OF PUBLIC WORKS HAS NOT CONTRACTED OR
MADE AN ALLOCATION BEFORE JUNE 1, 1983. IF THE
AUTHORIZATIONS ARE TERMINATED UNDER THE PROVISIONS OF THIS
ACT WITH RESPECT TO ANY PORTION OF THE PROJECT, THEN THAT
PORTION SHALL BE ABANDONED AND THE AUTHORIZATION FOR THE
ISSUANCE OF BONDS FOR THAT PORTION OF THE PROJECT SHALL BE
REDUCED BY THE AMOUNT SPECIFIED BY THE BOARD OF PUBLIC WORKS
AS ATTRIBUTABLE TO THAT PORTION OF THE PROJECT.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1982.

Approved June 1, 1982.

CHAPTER 553

(Senate Bill 805)

AN ACT concerning

Standard Valuation and Nonforfeiture Law for Life Insurance

FOR the purpose of permitting the use of more recent
mortality tables in determining the valuation of life
insurance policies and annuities; providing for
additional methods in determining the valuation of life
insurance policies and annuities; providing for new
methods of calculating adjusted premiums for life