BLAIR LEE III, Acting Governor

270 7

of issue of the bonds.

(5) Prior to the payment of any funds under the
provisions of this Act for the purposes set forth in Section
1 (3) above, the County Executive and County Council of
Montgomery County shall provide at least an equal and
matching fund of $265,000 for this project. The County
Executive and County Council or Montgomery County shall have
until June 1, 1980 to present evidence satisfactory to the
Board of Public Works that this fund will be provided. Upon
receiving from the Board of Public Works on or before June
1, 1980, a certification of suitable evidence, the Treasurer
of the State shall spend proceeds of the loan the
proceeds of the lean shall be expended in accordance with
the provisions of this Act, If satisfactory evidence of the
raising of at least an equal and matching fund for this
project is not presented to the Board of Public Works on or
before June 1, 1980, the proceeds of the loan shall be
transferred to the Annuity Bond Fund and applied to the debt
service requirements of the State.

(6) If any funds provided by this Act are not
encumbered within three years from the effective date of
this Act, then the funds shall be deemed to be abandoned.
If the total loan authorized by this Act has been issued
within three years from the effective date of this Act, then
the amount specified in this Act for the abandoned funds
shall be transferred to the Annuity Bond Fund and shall be
applied to the debt service requirements of the State- If,
however, the total loan authorized by this Act has not been
issued within three years from the effective date of this
Act, then the total issuable bonds authorized by this Act
shall be reduced by the amount specified in this Act for
abandoned funds. For the purposes of this Act, funds are
encumbered when a project is approved for a grant under this
program for a specific amount by actions of the Board of
Public Works.

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

Approved May 29, 1978.

CHAPTER 924

(House Bill 1208)

AS ACT concerning

Montgomery County - Special Taxing Districts

(Friendship Heights and The Hills)

MC 292-78

FOR the purpose of amending the tax levy procedure utilized