HARRY HUGHES, Governor

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(d) The amount of financial assistance granted
to any county or to the City of Baltimore under the terms
and conditions of this Act for any public junior or
community college project shall be the greater of: (1) the
amount determined by multiplying the total construction
costs, including site acquisition and development costs by a
percentage equal to that percentage of the expenditure for
basic current expenses that the State pays for that county
or the City of Baltimore, pursuant to § 5—202(b) of the
Education Article of the Annotated Code of Maryland (1978
Volume, as amended from time to time), or (2) one—half of
the total construction costs, including site acquisition and
development costs, However, a grant may not exceed the
amount determined by multiplying the product of $6,000 times
the projected enrollment of the college in number of
full—time equivalent students, as certified by the State
Board for Higher Education, less the total costs of projects
at that college approved by the Board of Public Works prior
to June 1, 1975, by a factor of $8,000 divided by $6,000
(one and one — third).

(4)    All proceeds received from any county or the City
of Baltimore under any agreement entered into between the
county or the City of Baltimore and the State Board for
Community Colleges and under the provisions of this Act,
shall become a part of the Annuity Bond Fund and shall be
applied to the debt service requirements of the State.

(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 442

(Senate Bill 362)

AN ACT concerning

Creation of a State Debt - Housing Rehabilitation

FOR the purpose of authorizing the creation of a State Debt
in the amount of $2,000,000, the proceeds to be used to
provide funds for the Maryland Housing Rehabilitation
Program; and providing generally for the issue and sale
of bonds evidencing the loan.