HARRY HUGHES, Governor
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of the expenses of issuing, selling, and delivering the bonds,
unless funds for this purpose are otherwise provided, and then
shall be credited on the books of the Comptroller and expended,
on approval by the Board of Public Works, for the following
public purposes, including any applicable architects' and
engineers' fees: for the Maryland Housing Rehabilitation Program
established by Article 41, § 257L of the Code, to be used for the
purposes prescribed by law for the Program.
(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 318
(Senate Bill 332)
AN ACT concerning
Creation of a State Debt - Day Care Facilities Loan
Guarantee Fund Loan of 1986
FOR the purpose of authorizing the creation of a State Debt in
the amount of $250,000 $200,000, the proceeds to be added to
the Day Care Facilities Loan Guarantee Fund to be used by
the Department of Economic and Community Development 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 Day Care Facilities Loan Guarantee Fund
Loan of 1986 in the total principal amount of $250,000 $200,000.
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.
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