HARRY HUGHES, Governor

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be treated, for purposes of this section, as loans made from
proceeds of the bonds authorized to be issued under this
Act.

(5) 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, 1979.

Approved May 29, 1979.

CHAPTER 441

(Senate Bill 359)

AN ACT concerning

Creation of a State Debt — Public Junior
and Community College Buildings

FOR the purpose of authorizing the creation of a State Debt
in the amount of $2,000,000, the proceeds to be used to
supplement the financing of the design and construction
of public junior or community college buildings, site
development, and facilities and of acquisition of
certain necessary property by the counties, including
Baltimore City; and providing generally for the issue
and sale of bonds evidencing the loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(1)    The Board of Public Works may borrow money and
incur indebtedness on behalf of the State of Maryland
through a State loan to be known as the General Public
Junior or Community College Construction Loan of 1979 in the
aggregate principal amount of $2,000,000. This loan shall
be evidenced by the issuance and sale of State general
obligation bonds authorized by a resolution of the Board of
Public Works and issued, sold and delivered in accordance
with the provisions of §§ 19 to 23 of Article 31 of the
Annotated Code of Maryland (1976 Replacement Volume and 1978
Supplement, as amended from time to time).

(2)    The bonds issued to evidence this loan or
installments thereof may be sold as a single issue, or may
be consolidated and sold as part of a single issue of bonds
under § 2B of Article 31 of the Code.