HARRY HUGHES, Governor

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(2)  The bonds issued to evidence this loan or installments
thereof may be sold as a single issue, or may be consolidated and
sold as part of a single issue of bonds under § 2B of Article 31
of the Code.

(3)  The actual cash proceeds of the sale of the bonds shall
be paid to the Treasurer and shall be first applied to the
payment of the expenses of issuing and delivering the bonds
unless funds for this purpose are otherwise provided and
thereafter shall be credited on the books of the State
Comptroller and expended, upon approval by the Board of Public
Works, for the following public purposes, including any
applicable architects' and engineers' fees: to provide moneys for
the Small Business Development Contract Financing Fund
established by § 13-218 of the Financial Institutions Article of
the Annotated Code of Maryland (1980 Volume and 1983 Supplement,
as amended from time to time), to be used by the Maryland Small
Business Development Financing Authority under § 13-221.2 13-220
of the Financial Institutions Article (1980 Volume and 1983
Supplement, as amended from time to time).

(4)  There is hereby levied and imposed an annual State tax
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, such principal to be
discharged within fifteen years of the date of issue of the
bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1984.

Approved May 15, 1984.

CHAPTER 324

(Senate Bill 279)

AN ACT concerning

Creation of a State Debt - Industrial and Commercial
Redevelopment Fund Loan of 1984

FOR the purpose of authorizing the creation of a State Debt in
the amount of $4,500,000 $4,000,000, the proceeds to be
added to the Industrial and Commercial Redevelopment Fund to
be used by the Department of Economic and Community
Development to make loans or grants to political
subdivisions for industrial or commercial redevelopment
projects; and providing generally for the issue and sale of
bonds evidencing the loan.