HARRY HUGHES, Governor

2645

CHAPTER 771

(House Bill 929)

AN ACT concerning

Creation of a State Debt - Industrial and Commercial
Redevelopment Fund

FOR the purpose of authorizing the creation of a State Debt

in the amount of $12,000,000.00 $7,000,000 $8,000,000,

the proceeds to be used to establish the Industrial and
Commercial Redevelopment Fund created by § 461 of
Article 41, Annotated Code 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 Industrial and
Commercial Redevelopment Loan of 1980 in the aggregate

principal amount of $12,000,000.00 $7,000,000 $8,000,000.

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 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: establishing
the Industrial and Commercial Redevelopment Fund created by
§ 461 of Article 41, Annotated Code of Maryland, to be used
for loans or grants in accordance with §§ 460 to 466 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.