1886 LAWS OF MARYLAND Ch. 191
(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 192
(Senate Bill 403)
AN ACT concerning
Creation of a State Debt - Maryland Housing Fund Loan of 1985
FOR the purpose of authorizing the creation of a State Debt in
the amount of $5,000,000, the proceeds to be added to the
Maryland Housing Fund to be used by the Department of
Economic and Community Development to insure mortgages,
bonds, and notes; 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 Maryland Housing Fund Loan of 1985 in the
aggregate principal amount of $5,000,000. 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 be added to the
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