WILLIAM DONALD SCHAEFER, Governor Ch. 6
beneficial to the boating public which costs less than $25, 000 regardless of its location.

(c) (1) The governing body shall pay its share of matching projects under
subsection (b) OF THIS SECTION [,] or shall repay the Waterway Improvement Fund
for any loan authorized under subsection (d) OF THIS SECTION either by:

(i) Means of appropriations from general funds; or

(ii) Levying a special assessment or tax against each property owner
whose property lies within the district.

(2) The governing body may accept and use any gift for the cost of any
project as part of [its] THE GOVERNING BODY'S share of any matching fund
project.

(d) In addition to the methods of financing provided in subsections (a) and (b)
of this section, a governing body may borrow interest-free funds from the Waterway
Improvement Fund for a waterway improvement project within a waterway
improvement district. However, the amount borrowed from the Waterway Improvement
Fund for these districts [shall not] MAY NOT exceed 21 [percent] % of the total
attained revenue of the Waterway Improvement Fund from the previous fiscal year. [No
single project shall exceed 7 percent] A SINGLE PROJECT MAY NOT EXCEED 7%
of the total attainment. The governing body shall repay the funds at a uniform rate over
a period not to exceed 25 years as provided by agreement between the State and the
governing body.

(e) The contribution of the Waterway Improvement Fund shall be limited to not
more than 50 [percent] % of the cost of each acquisition, and the total amount of funds
expended in any fiscal year for acquisitions and projects specified in § 8-707(7) and (9)
of this subtitle [shall not] MAY NOT exceed the amount of the motor fuel tax revenue
paid to the Waterway Improvement Fund in the preceding fiscal year, as provided for in
§ 2-1004 of the Tax - General Article.

DRAFTER'S NOTE:

Error: Omitted article, resulting from a printing error in the Session Laws
in § 8-708(b) of the Natural Resources Article.

Occurred: Ch. 690, Acts of 1989.

(a) [(1)] Projects for dredging channels adjacent to main channels or harbors
may be financed by interest-free loans to a governing body for the benefit of a
residential property owner[,] or a group of residential property owners[,] with land
abutting the adjacent channel [,] whose property has been included in a waterway
improvement district by the governing body.

[(2) (i)] (B) (1) Except as provided in paragraph [(ii)] (2) of this
subsection, unless every residential property owner with land abutting the adjacent

- 127 -