HARRY HUGHES, Governor

1517

(3)  THE STATE TREASURER SHALL HOLD AND THE STATE
COMPTROLLER SHALL ACCOUNT FOR THE FUND. THE FUND SHALL BE
INVESTED AND REINVESTED IN THE SAME MANNER AS OTHER STATE
FUNDS. ANY INVESTMENT EARNINGS OF THE FUND SHALL BE PAID
INTO THE STATE GENERAL TREASURY.

(4)  THE STATE MAY APPROPRIATE TO THE FUND, IN
THE STATE BUDGET, ALL OR PART OF THE MONEYS RECEIVED AS
REPAYMENTS OF PRINCIPAL OR INTEREST ON ALL LOANS MADE BY THE
PROGRAM AT ANY TIME. THE APPROPRIATION MAY BE INCREASED BY
BUDGET AMENDMENT. THE AMOUNT OF REPAYMENTS SO APPROPRIATED
FOR THE PURPOSE OF MAKING LOANS MAY NOT EXCEED $12,000,000
ANNUALLY. THE STATE MAY NOT APPROPRIATE REPAYMENTS OF
PRINCIPAL AND INTEREST TO THE PROGRAM TO THE EXTENT THAT
LOANS EXPECTED TO BE MADE WITH THE MONEYS APPROPRIATED WOULD
CAUSE THE TOTAL PRINCIPAL AMOUNT OF LOANS OUTSTANDING TO
EXCEED $100,000,000.

(5)  THE DEPARTMENT SHALL REPORT TO THE GOVERNOR
AND THE GENERAL ASSEMBLY BEFORE JANUARY 1 OF EACH YEAR THE
FINANCIAL STATUS OF THE PROGRAM AND A SUMMARY OF ITS
OPERATIONS FOR THE PRECEDING FISCAL YEAR.

SECTION 2. AND BE IT FURTHER ENACTED, That the
provisions of this Act shall supersede, to the extent of any
inconsistency, all provisions of all acts authorizing State
loans for the Maryland Housing Rehabilitation Program
enacted in the 1980 Session or earlier sessions of the
General Assembly.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1980.

Approved May 6, 1980.

CHAPTER 488

(House Bill 1799)

AN ACT concerning

Maryland Home Financing Program

FOR the purpose of adding definitions; providing for income
limits for the Program; providing for the preferred
interest rate on loans made by the Program; providing
for the funding of the Program; generally revising the
laws relating to the Program; and superseding
inconsistent provisions of certain bond bills.

BY adding to