2640                                 LAWS OF MARYLAND                               Ch. 769

Industrial Land Act Fund

FOR the purpose of authorizing the creation of a State Debt
in the amount of $3,000,000, the proceeds to be used to
provide funds for the Industrial Land Fund, from which
to make loans to political subdivisions pursuant to the
Maryland Industrial Land Act; 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 Industrial Land Loan
of 1980 in the aggregate principal amount of $3,000,000.00.
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 of Article 31
of the Annotated Code of Maryland (1976 Replacement Volume
and 1979 Supplement, as amended from time to time).

(2)  The bonds issued to evidence this loan or
installments thereof may be sold as a single issue, or may
be consolidated and sold as part of a single issue of bonds
under § 2B of Article 31 of the Code.

(3)  The actual cash proceeds of the sale of the bonds
shall be paid to the Treasurer and shall be first applied to
the payment of the expenses of issuing and delivering the
bonds unless funds for this purpose are otherwise provided
and thereafter shall be credited on the books of the State
Comptroller and expended, upon approval by the Board of
Public Works, for the following public purposes, including
any applicable architects' and engineers' fees: providing
funds to the Industrial Land Fund established by § 446 of
Article 41, Annotated Code of Maryland, to be used for loans
to political subdivisions pursuant to the Maryland
Industrial Land Act, §§ 438 through 446 of Article 41,
Annotated Code of Maryland, as amended from time to time.

(4)  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, 1980.

Approved May 27, 1980.