SECTION 2. AND BE IT FURTHER ENACTED, That 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 any
refunding bonds issued under the authority of this Act, as and
when due, and until paid in full.

SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1987.

Approved June 2, 1987.

CHAPTER 668

(House Bill 482)

AN ACT concerning

Tax Sales - Reimbursement of Holder of a Certificate of Sale

FOR the purpose of specifying that, upon redemption after a tax
sale, the holder of a certificate of sale is entitled to be
reimbursed for expenses incurred in any action or in
preparation for any action to foreclose the right of
redemption.

BY repealing and reenacting, with amendments,

Article - Tax - Property

Section 14-843

Annotated Code of Maryland

(1986 Volume and 1986 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Tax - Property

14-843.

- 3106 -

Ch. 668

LAWS OF MARYLAND

(2) OTHER MONEY OR SECURITY THAT THE STATE PROVIDES.

(I) NOTHING IN THIS SECTION SHALL PREVENT ISSUANCE AND SALE
OF REFUNDING BONDS THE INTEREST ON WHICH IS NOT EXCLUDABLE FROM
GROSS INCOME FOR FEDERAL INCOME TAX PURPOSES.