HARRY HUGHES, Governor

1889

(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
Small Business Development Contract Financing Fund established by
§ 13-218 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 195

(Senate Bill 409)

AN ACT concerning

Creation of a State Debt - MIDFA - Authorized
Purpose Insurance Fund Loan of 1985

FOR the purpose of authorizing the creation a State Debt in the
amount of $2,000,000, the proceeds to be added to the
Authorized Purpose Insurance Fund to be used by the Maryland
Industrial 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 Authorized Purpose Insurance Fund Loan of
1985 in the aggregate principal amount of $2,000,000. 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
the provisions of §§ 19 to 23 of Article 31 of the Code.