2450                                       LAWS OF MARYLAND                                Ch. 844

School for the Blind obtains any federal or private funds
for this project before the total loan authorized by this

Act has been expended, an amount equal to such federal or

private funds obtained shall be applies applied as a
reduction of the total issuable bonds authorized by the Act
or shall be transferred to the Annuity Bond Fund and applied
to the debt service requirements of the State. Prior to the
payment of any funds under the provisions of this Act for
the purposes set forth in this subsection. The Maryland
School for the Blind shall agree that it will make payments
to the State equal to any federal or private funds obtained
for this project (but not more than the amount of the
proceeds of this loan which have then been expended). The
payments so received shall be deposited in the Annuity Bond
Fund and applied to the debt service requirements of the
State.

(4) Except for amounts required for administrative

costs, all repayments of principal of and interest on loans

made from the proceeds of the bonds authorized to be issued

by this Act shall be used to repay the principal of and
interest on any bonds issued under this Act.

(5) (4) 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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1978.

Approved May 29, 1978.

CHAPTER 845

(Senate Bill 1117)

AN ACT concerning

Depositories — Securities of Insurers

FOR the purpose of enabling the State Treasurer, with
consent of the Insurance Commissioner, to deposit
certain securities with a designated depository;
specifying certain entities that may be designated as
depositories; and enabling the State Treasury Treasurer
to make certain agreement with depositories with
respect to deposited securities; and deleting the

requirement that the deposit be held at the expense of

the insurer.

BY repealing and reenacting, with amendments,