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LAWS OF MARYLAND

Ch. 394

(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: as a grant to the
Community Development Administration for the purpose of
providing deferred payment loans, subordinate to other financing,
to approved applicants private or nonprofit sponsors, counties,
municipalities or local housing agencies established pursuant to
Article 44A under the Elderly Rental Housing Program administered
by the Community Development Administration.

(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.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect on July 1, 1984, contingent on the taking effect of

Chapter ____ of the Acts of 1984 (H.B. 211), 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 15, 1984.

CHAPTER 395

(House Bill 214)

AN ACT concerning

Creation of a State Debt - Homeowner's Emergency Mortgage

Assistance Act

FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,000,000 $500,000, the proceeds to be used
as a grant to the Department of Economic and Community
Development for the purpose of making loans and providing
for financial counseling services under the Homeowner's
Emergency Mortgage Assistance Act to certain unemployed
homeowners; making this Act contingent on the passage of