1288

LAWS OF MARYLAND

[Ch. 257

bond or other evidence of indebtedness. THE GENERAL
ASSEMBLY FURTHER FINDS THAT SUCH MORTGAGE INSURANCE CAN
ASSIST STATE AND LOCAL ACTIVITY TO FINANCE HOUSING AND
REHABILITATION. In furtherance of such State interest,
there is established a Maryland Housing Fund.

(d) The Department shall promulgate such standards
for the eligibility of insurance as are reasonable to
provide that the insurance shall aid in the financing of
purchases of housing, OR THE FINANCING OF REHABILITATION
UNDER SECTION 257L OF THIS ARTICLE. These standards
shall also assure that the mortgagee is responsible and
able to service the mortgage properly.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved April 22, 1975.

CHAPTER 258
(Senate Bill 761)

AN ACT concerning

Creation of a State Debt — Maryland Rehabilitation

Housing

FOR the purpose of authorizing the creation of a State
debt in the aggregate amount of Ten Million Dollars
($10,000,000), the proceeds thereof to be used for
the purpose of establishing the Maryland Housing
Rehabilitation Fund for the rehabilitation of
buildings in the State, and providing generally for
the issue and sale of bonds evidencing such loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Board of Public Works is hereby
authorized and empowered to issue a State loan to be
known as the "Maryland Rehabilitation Housing Loan of
1975" in the aggregate amount of Ten Million Dollars
($10,000,000).

The certificates of indebtedness (hereinafter called
"bonds") evidencing said loan may be issued all at one
time or, in groups, from time to time, as hereinafter
provided. All of said bonds evidencing said loan, or any
group thereof, shall be issued according to a serial
maturity plan to be established in the resolution