3006                                      LAWS OF MARYLAND                                    Ch. 449

Approved May 20, 1982.

CHAPTER 450

(House Bill 1645)

AN ACT concerning

Creation of a State Debt Energy Conservation and
Solar Energy Program

FOR the purpose of permitting certain funds generated from
the Energy Conservation and Solar Energy Program of
1981 to be used to provide financial assistance for
energy conservation projects and solar energy projects

and to provide financial assistance for energy

conservation projects and solar energy projects for
commercial buildings and to secure, establish reserves
for, or pay the debt service on or the costs of
issuance of bonds, notes or other obligations issued by
the Community Development Administration or the
Maryland Energy Financing Administration; and making
this Act an emergency measure.

BY repealing and reenacting, with amendments,

Chapter 501 of the Acts of the General Assembly of 1981
Section 1(3)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That chapter(s) of the Acts of the General
Assembly read(s) as follows:

Chapter 501 of the Acts of 1981

1.

(3) The actual cash proceed of the sale of the
bonds shall be paid to the Treasure Treasurer and shall be
first applied to the payment of the expense 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 applied and maintained and]

applied and expended, upon approval by the Board of Public
Works, together with all interest earned and net gains
realized from the [investment] INVESTMENTS and

[reinvestment] REINVESTMENTS thereof, AND ALL PROCEEDS
REALIZED FROM THE APPLICATION THEREOF, BY THE DEPARTMENT OF
ECONOMIC AND COMMUNITY DEVELOPMENT, for the public

[purpose] PURPOSES of (I) providing loans, loan guarantees,
reductions in the principal obligations of or rates of