HARRY HUGHES, Governor                               2067

AN ACT concerning

Creation of a State Debt - Energy Saving Device Loan Program
Energy Conservation and Solar Energy Program

FOR the purpose of authorizing the creation of a State Debt
in the amount of $5,000,000 $1,000,000, the proceeds to
be used to fund the Energy Saving Device Loan Program
provide financial assistance for energy conservation
projects for residential buildings or solar energy
projects for residential buildings to be administered
by the Department of Economic and Community
Development; providing generally for the issue and sale
of bonds evidencing the loan; and making this Act
contingent on the passage of another Act either of two
Acts.

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 Energy Saving Device
Loan Program Loan of [1980] Energy Conservation and Solar
Energy Program Loan of 1981 in the aggregate principal
amount of $5,000,000 $1,000,000. 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 1980
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: to fund the
Energy Saving Device Loan Program maintained and applied,
together with all interest earned and net gains realized
from the investment and reinvestment thereof, for the public
purpose of providing loans, loan guarantees, reductions in
the principal obligations of or rates of interest payable on
loans or portions of loans, or prepayments of interest on
loans or portions of loans for energy conservation projects
for residential buildings or solar energy projects for
residential buildings to be administered by the Department
of Economic and Community Development.