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2258 LAWS OF MARYLAND Ch. 322
the Authorized Purpose Insurance Fund established by § 13-121(a)
of the Financial Institutions Article of the Annotated Code of
Maryland (1980 Volume and 1983 Supplement, as amended from time
to time), to be used by the Maryland Industrial Development
Financing Authority in accordance with §§ 13-121(c) and 13-131 of
the Financial Institutions Article (1980 Volume and 1983
Supplement, 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
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.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1984.
Approved May 15, 1984.
CHAPTER 323
(Senate Bill 277)
AN ACT concerning
Creation of a State Debt - Small Business Development Contract
Financing Fund Loan of 1984
FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,000,000, the proceeds to be added to the
Small Business Development Contract Financing Fund to be
used by the Maryland Small Business Development Financing
Authority for the purposes prescribed by law for the Fund;
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 Small Business Development Contract
Financing Fund Loan of 1984 in the aggregate principal amount of
$1,000,000. 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).
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