HARRY HUGHES, Governor                                    1685

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 Small Business Surety Bond
Guaranty Fund established by § 13-234.2 of the Financial
Institutions Article for the purpose 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 468

(House Bill 590)

AN ACT concerning

Creation of a State Debt - Maryland Housing Fund Loan of 1986

FOR the purpose of authorizing the creation of a State Debt in

the amount of $3,500,000 $3,000,000, the proceeds to be
added to the Maryland Housing 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 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 Fund Loan of 1986 in the
total principal amount of $3,500,000 $3,000,000. 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.