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Ch. 5
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10
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LAWS OF MARYLAND
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(2) 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: for the dredging of the Bird River and
North East Creek in Baltimore County.
[[SECTION 3. AND BE IT FURTHER ENACTED, That the]]
(3) The payment of any funds under the provisions of this
Act for the purpose of dredging the Bird River and North
East Creek in Baltimore County and the granting of a
license by the Department of Natural Resources shall be
contingent upon:
(a) The approval by the Department of Water
Resources of all plans associated with the dredging of
the Bird River and North East Creek; and
(b) The approval by all appropriate State agencies
of a selected dumping site for the dredged material.
The Inland Waterways Improvement Association shall
have until June 1, 1978, to present evidence satisfactory
to the Board of Public Works that the Inland Waterways
Improvement Association received approval by the
Department of Water Resources of all plans associated
with the dredging of Bird River and North East Creek and
the approval by all appropriate State agencies of a
selected dumping site for the dredged material. Upon
receiving from the Board of Public Works a certification
of such suitable evidence on or before June 1, 1978, the
Treasurer of the State shall spend the proceeds of said
loan in accordance with the other provisions of this Act.
If such satisfactory evidence of securing the above
approvals is not presented to the Board of Public Works
on or before June 1, 1978, no funds under the provisions
of this Act shall thereafter be paid over to or expended
for the purpose of dredging the Bird River and North East
Creek in Baltimore County.
[[SECTION 4. AND BE IT FURTHER ENACTED, That, if]]
(4) If any funds provided by this Act shall not have
been encumbered within three (3) years from the effective
date of this Act, then such funds shall be deemed to have
been abandoned. If the total loan authorized herein
shall have been issued within three (3) years from the
effective date of this Act, then the amount specified
herein for said abandoned funds shall be transferred to
the Annuity Bond Fund and shall be applied to the debt
service requirements of the State. If, however, the
total loan authorized herein shall not have been issued
within three (3) years from the effective date of this
Act, then the total issuable bonds authorized herein
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