HARRY HUGHES, Governor

1877

loans under the Homeowner's Emergency Mortgage Assistance
Program to certain unemployed homeowners; and providing
generally for the issuance 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
Loan of 1985 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 §§ 19 to 23 of Article 31 of the Code.

(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: to make loans under
the Homeowner's Emergency Mortgage Assistance Program established
by Title 13, Subtitle 4 of the Financial Institutions Article.

(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 15 years of the date of issue of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1985.

Approved May 21, 1985.

CHAPTER 186
(Senate Bill 381)
AN ACT concerning

Baltimore City - Board of License Commissioners - Salaries