HARRY HUGHES, Governor                                     1687

(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 and Commercial Redevelopment
Fund Loan of 1986 in the total principal amount of $2,000,000
$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 Industrial and Commercial
Redevelopment Fund established by Article 41, § 461 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 470

(House Bill 592)
AN ACT concerning

Creation of a State Debt - MIDFA - Authorized Purpose Insurance

Fund Loan of 1986

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

the amount of $2,000,000 $1,750,000, the proceeds to be
added to the Authorized Purpose Insurance Fund to be used by
the Maryland Industrial Development Financing Authority for