3320

LAWS OF MARYLAND

Ch. 537

Treasurer AND SHALL BE FIRST APPLIED, AS THE STATE
COMPTROLLER MAY DETERMINE, TO THE PAYMENT OF THE PRINCIPAL
OF AND INTEREST ON ANY OUTSTANDING BONDS ISSUED UNDER ANY
ACT AUTHORIZING THE ISSUE OF STATE GENERAL OBLIGATION BONDS
TO PROVIDE MONEYS FOR THE FUND. FOR THE PURPOSE OF
IMPLEMENTING THIS SUBTITLE.

SECTION 2. AND BE IT FURTHER ENACTED, 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 Maryland Small
Business Development Financing Authority Loan of 1982 in the
aggregate principal amount of $2,000,000. 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 1981
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 be made part of the Small Business
Development Financing Fund established by § 13-218 of the
Financial Institutions Article, to be used to implement and
to be subject to all of the provisions binding the Fund, as
relating to the Small Business Development Financing
Authority set forth in Part III of Subtitle 2 of Title 13 of
the Financial Institutions Article.

(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 15 years of the date of
issue of the bonds.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1982.

Approved June 1, 1982.