Ch. 361                                          LAWS OF MARYLAND

BY repealing

Chapter 470 of the Acts of the General Assembly of 1986
Section 1 and 2

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

Chapter 204 of the Acts of 1983

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(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 Enterprise Zone Venture Capital Guarantee
Fund Loan of 1983 in the aggregate principal amount of
[$2,000,000] $1,000,000. This loan shall be evidenced by the
issuance and sale of State general obligation bonds authorized by
a resolution of the Board of Public Works and issued, sold and
delivered in accordance with the provisions of §§ 19 to 23 of
Article 31 of the Annotated code of Maryland (1976 Replacement
Volume and 1982 Supplement, as amended from time to time).

(2)  The bonds issued to evidence this loan or installments
thereof may be sold as a single issue, or may be consolidated and
sold as part of a single issue of bonds under § 2B of Article 31
of the Code.

(3)  The actual cash proceeds of the sale of the bonds shall
be paid to the Treasurer and shall be first applied to the
payment of the expenses of issuing and delivering the bonds
unless funds for this purpose are otherwise provided and
thereafter shall be credited on the books of the State
Comptroller and expended, upon approval by the Board of Public
Works, for the following public purposes, including any
applicable architects' and engineers' fees: to provide moneys for
the Enterprise Zone Venture Capital Guarantee Fund established by
§ 266KK-5(a) of Article 41 of the Annotated Code of Maryland to
be used to insure loans approved by the Department of Economic
and Community Development in accordance with § 266KK-5 of Article
41 of the Annotated Code of Maryland.

(4)  There is hereby levied and imposed an annual State tax
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, such principal to be
discharged within fifteen years of the date of issue of the
bonds.

Chapter 470 of the Acts of 1986

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