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HARRY HUGHES, Governor 2227
As of the date of enactment of Chapter 523 of the Acts of
1981, only $20,000,000 of the bonds authorized to fund Program
Open Space had been issued, and it was anticipated that the State
Property Transfer Tax would continue to produce funds more than
sufficient to cover debt service, costs of the program, and
annual allocations for State and local projects. Accordingly,
Chapter 523 provided for the further reduction of the total
authorization to borrow for Program Open Space from $56,000,000
to $20,000,000 in equal annual amounts through 1990. Under
Chapter 523, the total authorization to borrow was reduced to
$52,400,000 effective July 1, 1981 and to $48,800,000 effective
July 1, 1982; a further reduction to $45,200,000 is scheduled to
take effect July 1, 1983.
Because of adverse economic conditions and other factors,
the State property Transfer Tax has not produced the level of
proceeds anticipated on the date of enactment of Chapter 523 of
the Acts of 1981 or on the date of enactment of the 1982 Program
Open Space allocation, Chapter 540 of the Acts of 1982, and
therefore, the total of debt service obligations, program costs,
and outstanding allocations for Program Open Space projects is
now expected to exceed, as of June 30, 1983, the sum of actual
Transfer Tax receipts and the amount of authorized but unissued
bonds.
The General Assembly wishes to cover a portion of this
excess by postponing the reduction of authorized indebtedness
scheduled to take effect on July 1, 1983, thereby delaying the
completion of the phased reduction of authorization under Chapter
523 of the Acts of 1981 until 1991 and also thereby increasing
the amount of appropriated State funds available for allocation
to new Program Open Space projects for fiscal year 1984.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Chapter 403 of the Acts of 1969, as repealed and reenacted,
without amendments, by Chapter 540 of the Acts of 1982
6.
That for the primary source of payment of the principal of
and the interest on the bonds or Certificates of Indebtedness
issued under the provisions of this Act as the same become due
and payable, there shall be and is hereby laid an annual tax
which shall consist of such amounts as may be necessary of the
proceeds of the tax on written instruments, imposed pursuant to
the provisions of Section 278A of Article 81 of the Annotated
Code of Maryland as set forth in Section 10 of this Act.
7.
That, in addition, and as the secondary source of payment,
there shall be and is hereby levied and imposed an annual State
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