HARRY HUGHES, Governor                               2791

of this Act, then the total issuable bonds authorized herein
shall be reduced by the amount specified herein for said
abandoned funds.

(b) For the purposes of this Act, funds are
encumbered when a project is approved for a grant under this
program for a specific amount by actions of the Board of
Public Works.] (7) If any funds provided by this Act are
not encumbered within 6 years from the effective date of
this Act, the funds shall be deemed abandoned. If the total
loan authorized by this Act is issued but not expended for
the purposes enumerated in this Act, all of the unexpended
funds shall be disposed of in accordance with Article 78A,
Section 3 of the Annotated Code of Maryland (1980
Replacement Volume, as amended from time to time). If,
however, the total loan authorized by this Act is not issued
within 6 years from the effective date of this Act, the
total issuable bonds authorized by this Act shall be reduced
by the unissued amount. For the purposes of this Act, funds
are encumbered when a project is approved for a grant under
this program for a specified amount, by the Board of Public
Works.

(8)  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.

(9)  This Act shall take effect June 1, 1976.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act

shall take effect June 1, 1978.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act

shall take effect July 1, 1980.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1981.

Approved May 19, 1981.

CHAPTER 752
(House Bill 466)