870

LAWS OF MARYLAND

Ch. 120

Chapter 403 of the Acts of the General Assembly of 1969
as amended by Chapter 916 of the Acts of the General
Assembly of 1978
Section 6 and 7

BY adding to

Chapter 403 of the Acts of the General Assembly of 1969
Section UN

(To follow immediately after Section 11M, as added
by Chapter 916 of the Acts of the General Assembly
of 1978)

Preamble

WHEREAS, There has been established a program to
finance the acquisition of land and the development of that
land by the State and its subdivisions for outdoor public
recreational and open space purposes, this program being
known as "Program Open Space"; and

WHEREAS, Chapter 403 of the Acts of 1969 (the "Act"),
as amended by Chapter 353 of the Acts of 1972, Chapter 632
of the Acts of 1974, Chapter 564 of the Acts of 1975, and
Chapter 563 of the Acts of 1979, authorized and directed the
Board of Public Works to issue a State loan to be known as
the "Outdoor Recreation Land Loan of 1969" in the aggregate
amount of $56,000,000, the net actual cash proceeds of which
are to be expended to fund Program Open Space; and

WHEREAS, In Chapter 563 of the Acts of 1979 the General
Assembly concluded that the total authorization to borrow
for Program Open Space would be reduced from $88,000,000 to
$56,000,000, thereby leaving an outstanding aggregate loan
authorization of $36,000,000; and

WHEREAS, It was the intention of the General Assembly
of Maryland in enacting the Act, as amended by Chapter 626
of the Acts of 1972, that the bonds evidencing the Outdoor
Recreation Land Loan of 1969 would be sold over a ten-year
period, beginning with the fiscal year 1969-1970, and that
appropriation of the net actual cash proceeds realized from
the sale of these bonds could be made annually by laws of
the General Assembly of Maryland designating the State and
local projects to which these proceeds would be allocated;
and

WHEREAS, The primary source of debt service for the
Outdoor Recreation Land Loan of 1969 is the State Property
Transfer Tax laid by Section 6 of the Act and imposed
pursuant to the provisions of Section 278A of Article 81 of
the Annotated Code of Maryland, as set forth in Section 10
of the Act, and the secondary source of the debt service is
the ad valorem property tax levied by Section 7 of the Act,
as amended; and