HARRY HUGHES, Governor

2401

another Act; 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 Homeowner's Emergency Mortgage Assistance
Act Loan of 1984 in the aggregate principal amount of $1,000,000
$500,000. 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: 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.

(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 July 1, 1984, contingent on the taking effect of

Chapter ____ of the Acts of 1984 (H.B. No. ___)(41r0940) (H.B.

184), 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.