WILLIAM DONALD SCHAEFER, Governor                   Ch. 362

Fund Loan of 1984 in the aggregate principal amount of
[$4,000,000] $3,000,000. 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 (1983 Replacement
Volume, 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 Industrial and Commercial Redevelopment Fund created by § 461
of Article 41 of the Annotated Code of Maryland (1982 Replacement
Volume and 1983 Supplement, as amended from time to time), to be
used by the Department of Economic and Community Development in
accordance with §§ 460 through 466 of Article 41 (1982
Replacement Volume and 1983 Supplement, as amended from time to
time).

(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 357 of the Acts of 1985

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 Industrial and Commercial Redevelopment
Fund Loan of 1985 in the aggregate principal amount of
[$3,000,000] $1,850,000. 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 §§ 19 to 23 of Article 31 of the
Code.

(2)  The bonds issued to evidence this loan or installments
thereof may be sold as a single issue or may be consolidated and

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