HARRY HUGHES, Governor

3755

Loan of 1982 in the aggregate principal amount of $500,000
$350,000. 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 (1975
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: as a grant
to the Maryland-National Capital Park and Planning
Commission for the improvement, restoration, rehabilitation,
and reconstruction of the Publick Playhouse.

(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 710

(House Bill 1423)

AN ACT concerning

Surplus Line Insurance Premium Taxes

FOR the purpose of requiring surplus line insurance brokers
to pay premium taxes; setting the time when these taxes
are due; providing for annual semiannual reports,
penalties, assessments, refunds, appeals, and credits
on surplus line insurance taxes; and relating generally
to surplus line insurance premium taxes.