HARRY HUGHES, Governor

3509

(A)  THE TREASURER AT THE DIRECTION OF THE BOARD OF
PUBLIC WORKS MAY BORROW ON THE CREDIT OF THE STATE, IN SUM
OR SUMS THAT DO NOT EXCEED $50,000,000 $100,000,000 IN THE
AGGREGATE, IN ANTICIPATION OF:

(1)  REVENUES AS SET FORTH IN THE FISCAL DIGEST
TAX RECEIPTS AS SET FORTH IN THE REVENUE ESTIMATES
SUPPORTING AN ENACTED BUDGET; OR

(2)  RECEIPT OF FUNDS FROM THE COMPLETED
SETTLEMENT OF A SALE OF BONDS.

(B)  ALL LOANS MADE UNDER THIS SECTION SHALL:

(1)  BEAR INTEREST AT A RATE TO BE DETERMINED BY
THE BOARD OF PUBLIC WORKS; AND

(2) MATURE AND BE REPAID WITHIN 60 DAYS AFTER
THE DATE OF THE LOAN.

(2) MATURE AND BE REPAID WITHIN 180 DAYS AFTER
THE DATE OF THE LOAN, EXCEPT THAT REVENUE ANTICIPATION NOTES
MUST BE REPAID NO LATER THAN 45 DAYS AFTER THE CLOSE OF THE
FISCAL YEAR.

(C)  THE BOARD OF PUBLIC WORKS MAY NOT EXTEND THE TIME
LIMIT FOR THE REPAYMENT OF ANY LOAN MADE UNDER THIS SECTION.

(D) THE BOARD OF PUBLIC WORKS SHALL NOTIFY THE
PRESIDENT OF THE SENATE AND THE SPEAKER OF THE HOUSE OF
DELEGATES AT LEAST 10 DAYS PRIOR TO ANY BORROWING UNDER THE
PROVISIONS OF THIS SECTION.

SECTION 2. AND BE IT FURTHER ENACTED, That the passage

of this Act is contingent upon the passage of H.B. ---- 102

(21r0517) of the Acts of the General Assembly of 1982, a
Constitutional Amendment, and its ratification by the voters
of the State.

SECTION 3. AND BE IT FURTHER ENACTED, That, subject to
the provisions of Section 2 above, this Act shall take
effect July 1, 1982.

Approved June 1, 1982.

CHAPTER 602
(House Bill 112)
AN ACT concerning