2434                                             LAWS OF MARYLAND                                         Ch. 411

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 loans,
loan guarantees, reductions in the principal obligations of or
rates of interest payable on loans or portions of loans, or
prepayments of interest on loans or portions of loans for energy
conservation or and solar energy projects for residential
buildings, under the following terms and conditions:

1. The interest rates and other terms of the loans
and the conditions of eligibility shall be established by the
Community Development Administration in accordance with §
266DD-4(16) of Article 41 of the Annotated Code of Maryland (1982
Replacement Volume and 1983 Supplement, as amended from time to
time) and the published regulations of the Community Development
Administration for its Residential Energy Conservation Loan
Program.

(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 412

(House Bill 453)

AN ACT concerning

Creation of a State Debt - Maryland
Housing Fund Loan of 1984

FOR the purpose of authorizing the creation of a State Debt in
the amount of $3,000,000 $2,300,000, the proceeds to be
added to the Maryland Housing Fund to be used by the
Department of Economic and Community Development to insure