BLAIR LEE III, Acting Governor

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(2) Land and nonoperating property of railroads
and public utilities; [and]

(3) Public utilities operating property

classified as real property by the Department of Assessments
and taxation; AND

PUBLIC UTILITY SHARES, BUT FOR PURPOSES OF DETERMINING

ADJUSTED ASSESSED VALUATION OF REAL PROPERTY AS DEFINED IN

THIS SUBSECTION, THE VALUE SHALL BE COMPUTED AT:

(I) FOR THE FISCAL YEAR 1979, 30 PERCENT
OF THE FULL CASH VALUE;

(II) FOR THE FISCAL YEAR 1980, 60 PERCENT

OF THE FULL CASH VALUE;

(III) FOR THE FISCAL YEAR 1981, 80 PERCENT

OF THE FULL CASH VALUE; AND

FISCAL YEARS AFTER, THE FULL CASH VALUE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978, contingent upon an
appropriation contained in the Budget Bill for fiscal year
1979 adequate to fund the increase in the State's share of
the basic current expenses for public education as set forth
in Section 1 of this Act, and if said appropriation is not
made in the Budget Bill, this Act shall be null and void
without the necessity of further action by the General
Assembly.

Approved May 16, 1978.

CHAPTER 421

(Senate Bill 17)

AN ACT concerning

Life Insurance — Interest Rates

FOR the purpose of increasing the assumed interest rate with
respect to the computation of reserves on life
insurance, and increasing the assumed interest rate for
the computation of cash values and other nonforfeiture
benefits under life insurance policies with a certain
condition.

(1) Land and improvements to land;

(4) PERSONAL PROPERTY OF PUBLIC UTILITIES AND

(IV) FOR THE FISCAL YEAR 1982 AND ALL