MARVIN MANDEL, Governor

1291

thereof as may be necessary shall be paid by the
Treasurer of the State upon the warrant of the
Comptroller out of the proceeds of the sale of said bonds
for the payment of the expense of engraving, printing and
other outlays connected with the issue of the loan hereby
authorized, and for the payment of the advertising
directed by this Act, and all other incidental expenses
connected with the execution of its provisions in
connection with said loan.

SECTION 5. AND BE IT FURTHER ENACTED, That the
actual cash proceeds of the sale of the bonds 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:

(1)    The Comptroller, immediately upon the
sale of and payment for said bonds, first, shall return
to and credit the Treasury for a sum equivalent to the
amount expended under Section 4 of this Act,

(2)    The remainder of the proceeds of such
loan shall be credited on the books of the State
Comptroller, to be expended as needed by the State, upon
approval by the Board of Public Works, to provide a fund
for the Maryland Housing Rehabilitation Program, which
shall be administered in accordance with Chapter_, Acts
of 1975, 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 be issued by this Act
and made pursuant to the provisions of Section 257L of
Article 41 of the Annotated Code of Maryland, shall be
used to repay the interest on and principal of any bonds
issued under this Act.

SECTION 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 8. AND BE IT FURTHER ENACTED, That until