HARRY HUGHES, Governor                                    1435

Chapter 605 of the Acts of 1983

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 Project Insurance Loan of 1983
in the aggregate principal amount of [$1,000,000] $0. 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
the provisions of §§ 19 to 23 of Article 31 of the Annotated Code
of Maryland (1976 Replacement Volume and 1982 Supplement, as
amended from time to time).

(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.

(3)  The actual cash proceeds of the sale of the bonds
shall be paid to the Treasurer and shall be first applied to the
payment of the expenses of issuing and delivering the bonds
unless funds for this purpose are otherwise provided and
thereafter shall be credited on the books of the State
Comptroller and expended, upon approval by the Board of Public
Works, for the following public purposes, including any
applicable architects' and engineers' fees: to provide moneys to
the Industrial Project Insurance Fund created by § 13-120 of the
Financial Institutions Article to be used by the Maryland
Industrial Development Financing Authority as a nonlapsing,
revolving fund for carrying out the provisions of the Maryland
Industrial Development Financing Authority Act.

(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 fifteen years of 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.