WILLIAM DONALD SCHAEFER, Governor                   Ch. 361

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 Small Business Surety Bond
Guaranty Fund established by § 13-234.2 of the Financial
Institutions Article 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, 1988.

Approved May 17, 1988.

CHAPTER 361

(Senate Bill 880)

AN ACT concerning

Maryland Industrial Financing Authority - Enterprise Zone
Venture Capital Guarantee Fund Loan of 1983 and the
Authorized Purpose Insurance Fund Loan of 1986

FOR the purpose of amending the provisions of Chapter 204 of the
Acts of 1983 to reduce the authorization for the creation of
a State Debt for the Enterprise Zone Venture Capital
Guarantee Fund Loan of 1988 by altering the authorized
aggregate principal amount of the loan; and repealing the
provisions of Chapter 470 of the Acts of 1986 which
authorize the creation of a State Debt for the Authorized
Purpose Insurance Fund Loan of 1986.

BY repealing and reenacting, with amendments,

Chapter 204 of the Acts of the General Assembly of 1983
Section 1

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