Ch. 311

LAWS OF. MARYLAND

(g) Until all of the interest on and principal of any
certificates issued under this section have been paid in full,
there is hereby levied and imposed an annual State tax on each
$100 of assessable property at the rate to be determined in the
following manner: on or before May 1, 1973, and on or before May
1, in each taxable year thereafter, the Board of Public Works
shall certify to the governing bodies of each of the counties and
Baltimore City the rate of State tax on each $100 of assessable
property necessary to produce revenue to meet interest and
principal which will be payable to the close of the next ensuing
taxable year on all certificates theretofore issued or authorized
by resolution of the Board of Public Works to be issued and the
governing bodies of each of the counties and Baltimore City shall
forthwith levy and collect such tax at such rate.

All matters committed by this section to the discretion of
the Board of Public Works shall be determined by a majority of
said Board.

[12-414.] 5-414.

Any moneys received in payment of interest and repayment of
principal under loan agreements provided for in this subtitle
shall be deposited in the Treasury and shall constitute a
permanent special fund to be known as the "Industrial Land Fund."
The moneys in the Industrial Land Fund from time to time may be
expended for the same purposes as the proceeds of the loan
authorized by this subtitle, and such moneys shall be used for no
other purpose.

Subtitle 5. Industrial and Commercial Redevelopment

[12-501.] 5-501.

(a)  In this subtitle the following words have the meanings.
indicated.

(b)  "Department"- means the Department of Economic and
[Community] EMPLOYMENT Development.

(c)  (1) "Eligible project cost" means the cost of planning,
developing, executing, and making operative an industrial or
commercial redevelopment project.

(2) "Eligible project cost" includes:

(i) The cost of purchasing, leasing,
condemning, or otherwise acquiring land or other property, or an
interest in them, in the designated project area or as necessary
for a right-of-way or other easement to or from the project
area;

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