2256

LAWS OF MARYLAND

Ch. 321

CHAPTER 321

(Senate Bill 273)

AN ACT concerning

Creation of a State Debt - Maryland Housing Rehabilitation
Program Loan of 1984

FOR the purpose of authorizing the creation of a State Debt in
the amount of $3,000,000, the proceeds to be added to and
used in accordance with laws governing the special fund
established for the Maryland Housing Rehabilitation Program;
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 Maryland Housing Rehabilitation Program
Loan of 1984 in the aggregate principal amount of $3,000,000.
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 (1983 Replacement Volume, 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 for
the special fund established by Article 41, § 257L(h) of the
Annotated Code of Maryland (1982 Replacement Volume and 1983
Supplement, as amended from time to time), to be held and used in
accordance with that subsection.

(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.