MARVIN MANDEL, Governor

1915

MARYLAND, That:

(1)  The Board of Public Works may borrow money and
incur indebtedness on behalf of the State of Maryland
through a State loan to be known as the Maryland Housing
Fund Loan of 1976 in the aggregate principal amount of
$10,000,000. This loan shall be evidenced by the
issuance and sale of State general obligation bonds
authorized by a resolution of the Board of Public Works
and issued, sold and delivered in accordance with the
provisions of Sections 19 to 23 of Article 31 of the
Annotated Code of Maryland (1971 Replacement Volume and
1975 Supplement, as amended from time to time).

The bonds issued to evidence this loan or

installments thereof may be sold as a single issue,      or

may be consolidated and sold as part of a single issue   of
bonds under Section 2B of Article 31 of the Code.

(2)    The actual cash proceeds of the sale of the
bonds shall be paid to the treasurer and shall be first
applied to the payment of the expenses of issuing and
delivering the bonds, unless funds for this purpose are
otherwise provided, and thereafter shall be credited on
the books of the State Comptroller and maintained,
together with all interest earned and net gains realized
from the investment and re—investment thereof, as a
reserve for the Maryland Housing Fund established by
Section 257K of Article 41 of the Annotated Code of
Maryland.

(3)    There is hereby levied and imposed an annual
State tax on all assessable property in the State in rate
and amount sufficient to pay the principal of and
interest on the bonds as and when due and until paid in
full, such principal to be discharged within fifteen
years of the date of issue of the bonds.

(4)    This Act shall take effect June 1, 1976.

Approved May 17, 1976.

CHAPTER 698

(House Bill 878)

AN ACT concerning

Creation of a State Debt - Home Financing

FOR the purpose of authorizing the creation of a State
Debt in the amount of $10,000,000, the proceeds to
be used to provide mortgage money for disadvantaged