2586

LAWS OF MARYLAND

Ch. 747

from private and other public sources. The Board of County
Commissioners of Washington County shall have until June 1,
1982 to present evidence satisfactory to the Board of Public
Works of the sum that it has raised as a matching fund for
this purpose. Upon a certification of suitable evidence
from the Board of Public Works on or before June 1, 1982,
the proceeds of the loan shall be expended in accordance
with the provisions of this Act. To the extent that
satisfactory evidence of the raising of a sum up to
$2,500,000 $3,000,000 as a matching fund of this project is
not presented to the Board of Public Works on or before June
1, 1982, no funds under the provisions of this Act shall
thereafter be paid over to or expended for the purposes set
forth in Section 1(3), above, and the remaining proceeds of
the loan shall be transferred to the Annuity Bond Fund and
applied to the debt service requirements of the State.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1980.

Approved May 27, 1980.

CHAPTER 748

(House Bill 363)

AN ACT concerning

Code Home Rule Counties and Municipalities - Residential
Mortgage Program

FOR the purpose of granting authority to Allegany, Kent and
Worcester Code counties and municipalities to issue
revenue bonds to finance loans for residential housing;
stating the necessity of assisting persons of low and
moderate income to obtain, preserve, and maintain
housing accommodations within the counties and
municipalities; providing for the security and tax
exemption of the bonds; providing for the determination
by ordinance or resolution of the form, tenor, interest
rate or rates or method of determining them, terms,
conditions, maturities not to exceed 40 years, and all
other details incident to the issuance, sale, and
payment of the bonds; providing for refunding of the
bonds and for issuance of the bonds by code amendment;
and providing generally for a residential mortgage
program for Allegany, Kent, and Worcester Code counties
and municipalities and matters relating to such a
program.

BY adding to

Article 41 - Governor - Executive and