HARRY HUGHES, Governor                                       1289

loan to be known as the Equity Participation Investment Program
Fund Loan of 1986 in the total principal amount of $1,000,000.
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
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 Equity Participation
Investment Program Fund established by § 13-241(a) of the
Financial Institutions Article to be used by the Maryland Small
Business Development Financing Authority 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 320

(Senate Bill 335)

AN ACT concerning

Creation of a State Debt - Maryland Industrial
Land Act Loan of 1986

FOR the purpose of authorizing the creation of a State Debt in
the amount of $1,500,000, the proceeds to be used to make
loans to political subdivisions under the Maryland
Industrial Land Act; and providing generally for the issue
and sale of bonds evidencing the loan.