2604 LAWS OF MARYLAND [Ch. 754
[[to be used by the Division of Home Financing of the
Department of Economic and Community Development to make
loans to certain citizens of Maryland for the purpose of
purchasing homes.]] to make loans to certain citizens of
Maryland to purchase homes pursuant to the provisions of
Section 266FF-1 through 266FF-4 of Article 41 of the
Annotated Code of Maryland, as amended from time to time.
SECTION 6. AND BE IT FURTHER ENACTED, That, except
for the amounts required for administrative costs,__all
payments of principal and interest on loans made from the
proceeds of the bonds authorized to he issued by this Act
and made pursuant to the provisions of said Section
266FF-1 through 266FF-4 of Article 41, as amended from
time to time, shall be used to repay the interest on and
principal of any bonds issued under this Act.
SECTION [[6]] 7. AND BE IT FURTHER ENACTED, That
all funds which may be appropriated at any time or from
time to time by the General Assembly in any Annual State
Budget Bill for the payment of principal and interest on
bonds issued pursuant to this Act shall be deposited in
the Annuity Bond Fund by the State Comptroller to be
applied to the payment of principal and interest on bonds
issued pursuant to this Act.
SECTION [[7]] 8. AND BE IT FURTHER ENACTED, That
until all of the interest on and principal of any bonds
issued under this Act shall have been paid in full, there
is hereby levied and imposed an annual State tax on each
$100 of assessable property at the rate to be determined
in the following manner: On or before May 1, 1975 and on
or before May 1 in each taxable year thereafter, the
Board of Public Works shall certify to the governing
bodies of each of the counties and Baltimore City the
rate of Stats tax on each $100 of assessable property
necessary to produce revenue to meet interest and
principal which will be payable to the close of the next
ensuing taxable year on all bonds theretofore issued or
authorized by resolution of the Board of Public Works to
be issued, and the governing bodies of each of the
counties and of Baltimore City shall forthwith levy and
collect such tax at such rate.
Provided, however, that the levy or levies required
by this section shall not be made and the tax or taxes
shall not be collected in any year to the extent that, on
or before May 1, 1975, and on or before May 1 in each
taxable year thereafter the Board of Public Works
determines upon a certified statement rendered to the
Board by the State Comptroller that payment of principal
and interest on the bonds issued pursuant to this Act
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