WILLIAM DONALD SCHAEFER, Governor Ch. 264

COUNTY OR MUNICIPAL 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) Except as provided in paragraph (ii) of this subsection, unless
every residential property owner with land abutting the adjacent channel agrees to
participate in the financing of the dredging project, the dredging project may not be
approved.

(ii) If all residential property owners abutting a channel adjacent to a
main channel or harbor agree to exempt a residential property owner, or group of
residential property owners, from participating in the financing of the dredging project,
the residential property owner, or group of residential property owners, shall be
exempt.

(b) Repayments of the principal on loans made under this section shall be made
by the governing body in accordance with § 8-708(c) of this subtitle.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990. .

Approved May 2, 1990.

CHAPTER 264
(Senate Bill 327)

AN ACT concerning

Creation of a State Debt - The Olney Theatre Corporation

FOR the purpose of authorizing the creation of a State Debt in the amount of
$1,500,000 $625,000 the proceeds to be used as a grant to the Olney Theatre
Corporation for the renovation and repair of the Olney Theatre, subject to the
requirement that the Olney Theatre Corporation provide at least an equal and
matching fund of a certain kind for the same purpose by a certain date; and
providing generally for the issue and sale of bonds evidencing the loan.

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 Olney Theatre
Loan of 1990 in the total principal amount of $1,500,000 $625,000. 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

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