1686                                        LAWS OF MARYLAND                                    Ch. 469

(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 Maryland Housing Fund
established by Article 41, § 257K 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 469

(House Bill 591)

AN ACT concerning

Creation of a State Debt - Industrial and Commercial

Redevelopment Fund Loan of 1986

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

the amount of $2,000,000 $1,000,000, the proceeds to be
added to the Industrial and Commercial Redevelopment Fund to
be used by the Department of Economic and Community
Development to make loans or grants to political
subdivisions for industrial or commercial redevelopment
projects; 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: