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2232 LAWS OF MARYLAND Ch. 637
AND SELL NOTES IN ANTICIPATION OF THE RECEIPT OF GRANTS
EITHER FROM THE FEDERAL OR STATE GOVERNMENT OR FROM ANY OF
THEIR AGENCIES IN AGGREGATE AMOUNT, INCLUDING INTEREST, NOT
GREATER THAN THE GRANT OR GRANTS IN ANTICIPATION OF THE
RECEIPT OF WHICH THE NOTES ARE ISSUED AND SOLD. THE
PRINCIPAL OF AND INTEREST ON THE NOTES SHALL BE PAYABLE OUT
OF THE FIRST PROCEEDS OF THE GRANT OR GRANTS, AND THE ISSUER
SHALL SO COVENANT. GRANT ANTICIPATION NOTES MAY BE SOLD
ONLY AFTER RECEIPT OF WRITTEN COMMITMENT OF THE FEDERAL OR
STATE GOVERNMENT OR AGENCY OR AGENCIES MAKING THE GRANT OR
GRANTS. AUTHORIZATION, ISSUANCE, SALE, AND DELIVERY OF
GRANT ANTICIPATION NOTES SHALL BE UNDERTAKEN ON
SUBSTANTIALLY THE SAME PROCEDURE, TERMS, CONDITIONS, AND
COVENANTS PROVIDED IN THIS SECTION WITH RESPECT TO BOND
ANTICIPATION NOTES. GRANT ANTICIPATION NOTES MAY BE MADE
PAYABLE ONLY FROM THE PROCEEDS OF GRANTS AND NEED NOT PLEDGE
THE FAITH AND CREDIT OR TAXING POWER OF THE PUBLIC BODY OR
MUNICIPAL CORPORATION, AND IN THAT CASE THE NOTES MAY NOT BE
DEEMED TO CONSTITUTE AN INDEBTEDNESS OF OR A CHARGE AGAINST
THE GENERAL CREDIT OR TAXING POWER OF THE PUBLIC BODY OR
MUNICIPAL CORPORATION WITHIN THE MEANING OF ANY
CONSTITUTIONAL OR CHARTER PROVISION OR STATUTORY LIMITATION.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1980.
Approved May 20, 1980.
CHAPTER 638
(House Bill 1291)
AN ACT concerning
Real Property - Transfers
FOR the purpose of clarifying that the provision prohibiting
the recordation of deeds until property has been
transferred in the assessment records is applicable to
any instrument that transfers ownership to real
property; and clarifying language.
BY repealing and reenacting, with amendments,
Article - Real Property
Section 3-104(a)
Annotated Code of Maryland
(1974 Volume and 1979 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:
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