3074                                      LAWS OF MARYLAND                                    Ch. 484

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: for
financing the construction of public school buildings and
public school capital improvements in this State in
accordance with § 5-301 through § 5-303 of the Education
Article, Annotated Code of Maryland (1978 Volume and 1981
Supplement, as amended from time to time).

(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 June 1, 1982.

Approved June 1, 1982.

CHAPTER 485

(Senate Bill 638)

AN ACT concerning

Education - State Funding for Community Colleges

FOR the purpose of providing that, except for deficiencies,
the formula for State sharing of funding for community
colleges shall be the same in fiscal year 1983 and
thereafter as in fiscal year 1982.

BY repealing and reenacting, with amendments,

Article - Education

Section 16-403(c)

Annotated Code of Maryland

(1978 Volume and 1981 Supplement)