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552
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LAWS OF MARYLAND
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Ch. 72
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Authority Authorized Purpose Insurance Fund Loan of 1983 in the
aggregate principal amount of $5,000,000 $4,000,000. 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 1982 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: to provide moneys for
the Authorized Purpose Insurance Fund established by § 13-121(a)
of the Financial Institutions Article to be used by the Maryland
Industrial Development Financing Authority in accordance with §§
13-121(c) and 13-131 of the Financial Institutions Article.
(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. ___ (31r___) or
H.B. ___ (31r____) of 1983. Should both of those measures 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 1444/SB 801), 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 10, 1983.
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