Ch. 97

LAWS OF MARYLAND

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 Partnership Rental Housing Program Loan
of 1989 in the total principal amount of $5,000,000. This loan
shall be evidenced by the issuance, sale, and delivery of State
general obligation bonds authorized by a resolution of the Board
of Public Works and issued, sold, and delivered in accordance
with . §§ 8-117 through 8-124 of the State Finance and Procurement
Article and Article 31, § 22 of the Code.

(2)  The bonds to evidence this loan or installments of this
loan may be sold as a single issue, or may be consolidated and
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 and maintained on the books of the Comptroller,
together with all (i) interest earned and net gains realized from
the investment and reinvestment thereof and (ii) repayments of
leans financial assistance made with the proceeds of the bonds,
and expended, in accordance with Article 83B, §§ 2-201 through
2-288 upon approval by the Board of Public Works, for the
following public purposes, including any applicable architects'
and engineers' fees: to be used by the Department of Housing and
Community Development to finance the development costs of
acquisition, new construction, reconstruction, substantial
rehabilitation and renovation of rental housing under the
Partnership Rental Housing Program, a rental housing
demonstration program in accordance with Article 83B, § 2-204(5)
established pursuant to Article 83B, § 2-204(5), to be held and
used in accordance with Article 83B, § 2-201 through 2-208 and
COMAR .05.05.05.

(a)  The Secretary of Housing and Community
Development is authorized and directed to adopt rules and
regulations to carry out the intent of this Act.

(b)  The following terms have the meanings indicated:

(1) "Development costs" means the costs
incurred for the acquisition, new construction, reconstruction,
renovation, or rehabilitation of partnership rental housing,
excluding the cost of the land and including the costs of:

(i) necessary studies, surveys, tests,
plans, and specifications;

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