3224                                             LAWS OF MARYLAND                                        Ch. 665

(1980 Replacement Volume and 1983 Supplement)

BY repealing and reenacting, with amendments,

Article 81 - Revenue and Taxes

Section 278A(f)

Annotated Code of Maryland

(1980 Replacement Volume and 1983 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 81 - Revenue and Taxes

278A.

In order to pay the principal and interest on the
certificates of indebtedness issued pursuant to the "Outdoor
Recreation Land Loan of 1969," or "Program Open Space":

(a) Except as otherwise provided in this section, a tax is
hereby imposed upon every written instrument conveying title to
real property, or a leasehold interest therein, offered for
record and recorded among the land records in the State, and on
the transfer of title to real property or a leasehold interest
therein on the filing with the State Department of Assessments
and Taxation of articles of sale, lease, exchange or other
transfer of all or substantially all the property and assets of a
corporation unless specifically exempted by § 277(t) above, but
conveyances by or to the United States, the State, or any
political subdivision of the State, or any agency or
instrumentality thereof, shall not be subject to the tax imposed
by this section. The term "written instrument" includes leases
for a term of years above seven years, not perpetually renewable
but does not include any mortgage, deed of trust, conditional
sales contract, or any other device the purpose of which is to
afford a security in real property rather than convey title
thereto.

(f) (1) The proceeds of the tax imposed by this section
shall be paid to the State Comptroller. The Comptroller shall
place all such moneys in a special fund and shall use the same
for payment of interest and principal on the certificates of
indebtedness issued under the "Outdoor Recreation Land Loan Act
of 1969." [If at any time the Comptroller has in this fund more
money than needed to meet payments of interest and principal, the
excess amount shall be made available for the funding of projects
for the acquisition and development of recreation land and open
space, as provided under "Program Open Space."]

(2) BEGINNING IN FISCAL YEAR 1985 AND FOR EACH FISCAL
YEAR THEREAFTER, THE BALANCE REMAINING IN THE FUND OF REVENUES
RECEIVED AFTER THE PAYMENTS OF INTEREST AND PRINCIPAL, PURSUANT