1920                               Laws of Maryland                         Ch. 676

separate taxable periods, he is hereby authorized to offset the
deficiencies to the extent of the overpayments, anything in Section
310 of this Article to the contrary notwithstanding.

However, the refunding of overpayments in excess of the deficien-
cies shall be governed by Section 310 of this Article and in no
event shall constitute either a carry-forward or carry-back offset
to a taxable period not then under consideration.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved May 21, 1970.

CHAPTER 676

(Senate Bill 446)

AN ACT to repeal and re-enact, with amendments, Section 1 (d)
and Section 5 of Chapter 557 of the Acts of 1968; eliminating the
maximum limitation on the rate or rates of interest, ELIMINAT-
ING THE INTEREST RATE LIMITATION on the State bond
issue authorized by said Chapter, and to provide for an additional
two years in which Carroll County shall provide or have available
its funds as authorized by said Chapter , AND CORRECTING
AN ERROR IN THE LANGUAGE THEREIN.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 1 (d) and Section 5 of Chapter 557 of the Acts of
1968 be and they are hereby repealed and re-enacted, with amend-
ments, to read as follows:

1.

(d) The rate [and] or rates of interest of the certificates to
be issued at any particular time [not exceeding in any case 5% per
annum], payable semi-annually.

5.

The actual proceeds of the sale of THAT THE ACTUAL PRO-
CEEDS OF THE SALE OF THE Certificates of Indebtedness
to be issued under this Act shall be paid to the Treasurer of the
State upon the warrant of the Comptroller and such proceeds shall
be used exclusively for the following purposes, to wit:

The Comptroller shall immediately upon the sale of and payment
for said certificates, first return to and credit the Treasury for a
sum equivalent to the amount expended as provided for in Section
4 of this Act; the remainder of the proceeds of said loan shall be
credited on the books of the State Treasury Department to be ex-
pended upon approval by the Board of Public Works to aid the
County Commissioners of Carroll County in acquisition of land and
any interests therein and construction of an impoundment on the
Piney Run tributary of the south branch of the Patapsco River to
be located approximately one-half mile upstream from Springfield
State Hospital near Sykesville in Carroll County.