HARRY HUGHES, Governor

5279

Small Business Development Financing Fund Authority

FOR the purpose of altering the disposition of certain
moneys in or credited to the Small Business Development
Financing Fund; used for the purposes of the Small
Business Development Financing Authority; authorizing
the creation, of a State debt in the amount of
$2,000,000, the proceeds to be made part of the Small
Business Development Financing Fund to provide
financial assistance to qualified applicants; and
providing generally for the issue and sale of bonds
evidencing the loan.

BY repealing and reenacting, with amendments,

Article - Financial Institutions
Section 13-222(b)
Annotated Code of Maryland

(1980 Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follow:

Article - Financial Institutions
13-222.

(b) If, at any time, the amount of money in or
credited to the fund exceeds the amount that the Authority
considers necessary to meet its obligations, the excess, on
resolution of the Authority, shall be paid to the State
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).