2638                                 LAWS OF MARYLAND                               Ch. 767

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.

(5) Prior to the payment of any proceeds under the
provisions of this Act for the purposes set forth in Section
1(3) above, the Board of County Commissioners of Caroline
County shall provide an equal and matching amount of up to
Five Hundred Thousand Dollars ($500,000) for this project
and shall have until June 1, 1982 to present evidence
satisfactory to the Board of Public Works that this equal
and matching amount will be provided. Upon receiving from
the Board of Public Works a certification that such suitable
evidence has been received, the proper officers of the State
shall disburse the proceeds of the loan to the County
Commissioners of Caroline County as a State grant for
expenditure in accordance with the provisions of this Act.
Proceeds of this loan that cannot be expended in accordance
with this Act 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 768

(House Bill 925)

AN ACT concerning

Creation of a State Debt - Home Financing

FOR the purpose of authorizing the creation of a State Debt
in the amount of $10,000,000 $5,000,000, the proceeds
to be used to provide mortgage money for disadvantaged
and low income citizens of Maryland; 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 Home Financing Loan
of 1980 in the aggregate principal amount of $10,000,000
$5,000,000. 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