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Ch. 205
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862
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LAWS OF MARYLAND
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CHAPTER 205
(House Bill 348)
AN ACT concerning
Creation of a State Debt - Industrial and
Commercial Redevelopment Fund Loan of 1983
FOR the purpose of authorizing the creation of a State Debt in
the amount of $5,000,000, the proceeds to be used to provide
moneys to the Industrial and Commercial Redevelopment Fund
for loans or grants to political subdivisions for industrial
or commercial redevelopment projects; and providing
generally for the issue and sale of bonds evidencing the
loan.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, 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 Industrial and Commercial Redevelopment
Fund Loan of 1983 in the aggregate principal amount of
$5,000,000. 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, including any
applicable architects' and engineers' fees: to provide moneys to
the Industrial and Commercial Redevelopment Fund created by § 461
of Article 41 of the Annotated Code of Maryland, as amended from
time to time, to be used in accordance with §§ 460 through 466 of
Article 41 of the Annotated Code of Maryland, as amended from
time to time.
(4) There is hereby levied and imposed an annual State tax
on all assessable property in the State in rate and amount
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