2404

LAWS OF MARYLAND

Ch. 820

(Senate Bill 679)

AN ACT concerning

FOR the purpose of altering the distribution of State
Property Transfer Tax proceeds in excess of amounts
pledged to debt service; providing that a certain

portion of such excess funds shall be transferred to
the Agricultural Land Preservation Fund; providing a

method of apportioning the excess; permitting the

Comptroller to require certain records altering the
distribution of funds available under Program Open

Space; and generally relating to distribution of

proceeds from the State Property Transfer Tax providing
funds for the agricultural land preservation fund from
Program Open Space.

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 278A(f)

Annotated Code of Maryland

(1975 Replacement Volume and 1977 Supplement)

BY repealing and reenacting, with amendments,

Article - Natural Resources
Section 5-903(a) and(b)
Annotated Code of Maryland
(1974 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be repealed, amended, or enacted to read as follows: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

278A.

(f) The proceeds of the tax imposed by this section

shall be paid to the State Comptroller. The Comptroller

shall place all such moneys in a special fund and shall use

the same for payment of interest and principal on the

certificates of indebtedness issued under the "Outdoor

Recreation Land Loan Act of 1969." If at any time the

Comptroller has in this fund more money than needod to meet
payments of interest in and principal, the excess amount

shall be APPORTIONED AS FOLLOWS:

(1) THE COMPTROLLER SHALL PAY TO THE MARYLAND

AGRICULTURAL LAND PRESERVATION FUND THE SAME FRACTION OF THE
EXCESS WHICH IS OBTAINED BY DIVIDING THE AMOUNT OF STATE

State Property Transfer Tax -
Distribution of Proceeds