2820                                        LAWS OF MARYLAND                     [Ch. 586

BALANCE OF THE TAX YEAR FROM THE DATE OF ACQUISITION.

(3) UPON FURTHER SALE OF THE PROPERTY FOR
OTHER THAN PUBLIC PURPOSES, THE FULL AMOUNT OF TAXES
APPLICABLE THERETO SHALL BE DUE FROM THE DATE OF PURCHASE
EXCEPT AS OTHERWISE PROVIDED IN THIS ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved May 15, 1975.

CHAPTER 587
(Senate Bill 424)

AN ACT concerning

Creation of a State Debt — Construction of a Replica of a

Sailing Vessel

FOR the purpose of authorizing the creation of a State
debt in the aggregate amount of Seventy—five
Thousand Dollars ($75,000), to be known as the
"Seventeenth Century Sailing Vessel Loan of 1975",
the proceeds thereof to be used for the purpose of
assisting in financing, [[research, investigation,
study, planning, design, engineering,]] construction
and equipping of a replica of [[the]] a Seventeenth
Century pinnace or bark, similar to the "Dove",
subject to the requirement that the St. Mary's City
Commission, on or before June 1, 1977, shall have
obtained from public or private sources at least an
equal and matching sum for the same purpose; 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 "Seventeenth Century Sailing Vessel Loan of
1975" in the aggregate amount of Seventy—five Thousand
Dollars ($75,000).

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