1100                                       LAWS OF MARYLAND                                 Ch. 131

from the date of its passage.

Approved April 11, 1978.

CHAPTER 132

(House Bill 540)

AN ACT concerning

Anne Arundel County — Transfer Taxes

FOR the purpose of providing the certain statutory
provisions relating to the disposition of revenues
derived from the State transfer tax do not apply to the
disposition of revenues derived from the transfer tax
imposed by Anne Arundel County; and generally relating
to the disposition of revenues derived from the
transfer tax imposed by Anne Arundel County.

BY repealing and reenacting, with amendments,

Article 81 — Revenue and Taxes

Section 278B

Annotated Code of Maryland

(1975 Replacement Volume and 1977 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 81 — Revenue and Taxes

278B.

The County Council of Anne Arundel County may impose a
tax on every written instrument conveying title to real
property or a leasehold interest therein, offered for record
and recorded among the land records in Anne Arundel County
subject to the same conditions and procedures as the tax
imposed under the provisions of §278A of this article,
provided that the maximum rate of tax imposed under the
provisions of this section shall not exceed 1 percent of the
actual consideration paid or to be paid for the conveyance
of title, and provided that revenues derived from this
county tax shall be [placed in the general fund of the
county to be] expended as provided by the county budget.
THE CONDITION IN §278A OF THIS ARTICLE RELATING TO THE USE
OF TRANSFER TAX FUNDS TO PAY PRINCIPAL AND INTEREST ON
CERTIFICATES OF INDEBTEDNESS ISSUED PURSUANT TO THE "OUTDOOR
RECREATION LAND LOAN OF 1969" OR FOR FUNDING OF PROJECTS
UNDER "PROGRAM OPEN SPACE" DO NOT APPLY TO REVENUES DERIVED
FROM THE COUNTY TAX. The tax shall be collected by the