3648

LAWS OF MARYLAND

Ch. 653

Creation of a State Debt - Housing Rehabilitation

FOR the purpose of authorizing the creation of a State debt
in the amount of $5,000,000 $5,300,000, the proceeds to
be used to continue the Maryland Housing Rehabilitation
Program; and providing generally for the issue and sale
of bonds evidencing the loan.

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 Maryland Housing
Rehabilitation Program Loan of 1982 in the aggregate
principal amount of $5,000,000 $5,300,000. 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 continue
the Maryland Housing Rehabilitation Program in accordance
with § 257L of Article 41 of the Code (1978 Replacement
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 15 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.