1888

LAWS OF MARYLAND

Ch. 193

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 to
political subdivisions under the Maryland Industrial Land Act,
Article 41, §§ 438 through 446 of the Code.

(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 194

(Senate Bill 408)

AN ACT concerning

Creation of a State Debt - Small Business Development Contract
Financing Fund Loan of 1985

FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,000,000, the proceeds to be added to the
Small Business Development Contract Financing Fund to be
used by the Maryland Small Business Development Financing
Authority for the purposes prescribed by law for the Fund;
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 Small Business Development Contract
Financing Fund 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.