1288

LAWS OF MARYLAND

Ch. 319

(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
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: to be added to the Day Care Facilities Loan
Guarantee Fund established by Article 41, § 266LL-1 of the Code
to be used by the Department of Economic and Community
Development for the purposes prescribed by law for the Fund.

(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 319

(Senate Bill 333)

AN ACT concerning                                                             

Creation of a State Debt - MSBDFA - Equity Participation
Investment Program Fund Loan of 1986

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
Equity Participation Investment Program 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