HARRY HUGHES, Governor

2259

applicable architects' and engineers' fees: for the Maryland
Housing Rehabilitation Program established by Article 41, § 257L
of the Code, to be held and used in accordance with § 257L(h).

(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 357

(House Bill 800)

AN ACT concerning

Creation of a State Debt - Industrial and Commercial
Redevelopment Fund Loan of 1985

FOR the purpose of authorizing the creation of a State Debt in
the amount of $3,500,000 $3,000,000, the proceeds to be
added to the Industrial and Commercial Redevelopment Fund to
be used by the Department of Economic and Community
Development to make loans or grants to political
subdivisions for industrial or commercial redevelopment
projects; 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 Industrial and Commercial Redevelopment
Fund Loan of 1985 in the aggregate principal amount of $3,500,000
$3,000,000. 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.