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Ch. 586
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1918
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LAWS OF MARYLAND
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(2) The bonds issued to evidence this loan Guarantee Fund
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
Department of Human Resources Economic and Community Development
for the purpose of funding the Day Care Facilities Loan Financing
Guarantee Fund in the Department of Human Resources Economic and
Community Development to finance expansion or development of day
care facilities.
(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.
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SECTION 2. AND BE IT FURTHER ENACTED, That the passage of
this Act is contingent upon the passage of S.B. 485
(31r1478/31r1820) of 1983. Should that measure fail of
enactment, the provisions of this Act are null and void without
the need of further action by the General Assembly.
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SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1983.
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SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect on July 1, 1983, contingent upon the taking
effect of Chapter of the Acts of 1983 (HB 972/SB 485), and if
Chapter does not become effective this Act shall be null and
void without the necessity of further action by the General
Assembly.
Approved May 31, 1983.
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CHAPTER 587
(House Bill 257)
AN ACT concerning
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