3358

VETOES

contingent on the passage of another Act either one 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.

(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 on July June 1, 1981, contingent upon the

taking effect of Chapter _____ of the Acts of 1981 (1lr0956)

(H.B. ____ of 1981) (S.B. 832) (llr2291) or (H.B. 1264)