1286                                          LAWS OF MARYLAND                                      Ch. 317

engineers' fees: to make loans under the Homeowners' Emergency
Mortgage Assistance Program established by Title 13, Subtitle 4
of the Financial Institutions Article.

(4) An annual State tax is imposed 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. The principal shall be discharged within 15 years
after the date of issue of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1986.

Approved May 13, 1986.

CHAPTER 317

(Senate Bill 331)

AN ACT concerning

Creation of a State Debt - Maryland Housing
Rehabilitation Program Loan of 1986

FOR the purpose of authorizing the creation of a State Debt in
the amount of $2,250,000, the proceeds to be used for the
Maryland Housing Rehabilitation Program for the purposes
prescribed by law for the Program; and providing generally
for the issue 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 Rehabilitation Program
Loan of 1986 in the total principal amount of $2,250,000. This
loan shall be evidenced by the issuance, sale, and delivery of
State general obligation bonds authorized by a resolution of the
Board of Public Works and issued, sold, and delivered in
accordance with §§ 8-117 through 8-124 of the State Finance and
Procurement Article and Article 31, § 22 of the Code.

(2)  The bonds to evidence this loan or installments of this
loan may be sold as a single issue, or may be consolidated and
sold as part of a single issue of bonds under § 8-122 of the
State Finance and Procurement Article.

(3)  The cash proceeds of the sale of the bonds shall be
paid to the Treasurer and first shall be applied to the payment