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279
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MARVIN MANDEL, Governor
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ADMINISTRATION.
(1) IF THE ADMINISTRATION APPROVES THE
APPLICATION, THE POLITICAL SUBDIVISION THAT APPLIED MAY
CONTRACT WITH THE ADMINISTRATION FOR THE CONSTRUCTION,
ACQUISITION, EXTENSION, ENLARGEMENT, OR IMPROVEMENT OF
THESE PORT FACILITIES.
(2) UNDER THE CONTRACT, THE POLITICAL
SUBDIVISION MAY INCUR INDEBTEDNESS TO THE ADMINISTRATION
IN AN AMOUNT NOT EXCEEDING $1,000,000 $1-MILLION AT ANY
ONE TIME.
(3) THE CONTRACT BY WHICH THE INDEBTEDNESS IS
INCURRED SHALL REQUIRE THAT:
(I) ALL PROJECT COSTS OF THE PORT FACILITIES
BE SET OUT IN AN ACCOUNT TO BE KNOWN AS THE INVESTMENT
ACCOUNT; AND
(II) THE SHARE OF THE COSTS ASSUMED BY THE
POLITICAL SUBDIVISION UNDER THE CONTRACT BE REPAID WITHIN
NOT MORE THAN 40 TEARS.
(D) POLITICAL SUBDIVISION MAY PARTICIPATE WITH
ADMINISTRATION.
FOR PURPOSES OF THIS SECTION, A POLITICAL
SUBDIVISION, THROUGH ITS GOVERNING BODY, MAY:
(1) PARTICIPATE WITH THE ADMINISTRATION IN
THE CONSTRUCTION, ACQUISITION, EXTENSION, ENLARGEMENT, OR
IMPROVEMENT OF PORT FACILITIES IN THE POLITICAL
SUBDIVISION; AND
(2) PARTICIPATE BY CONTRACT WITH THE
ADMINISTRATION IN THE OPERATION AND MAINTENANCE OF THESE
PORT FACILITIES.
(E) JOINT PARTICIPATION OF COUNTY AND MUNICIPAL
CORPORATION.
(1) A COUNTY AND ANY MUNICIPAL CORPORATION
IN THE COUNTY JOINTLY MAY PARTICIPATE WITH THE
ADMINISTRATION, BY AGREEMENT CONFIRMED BY RESOLUTION OR
ORDINANCE, IN CARRYING OUT ANY OF THE PURPOSES OF THIS
SECTION.
(2) IF THESE IS JOINT PARTICIPATION UNDER
THIS SUBSECTION BY A COUNTY AND A MUNICIPAL CORPORATION,
THE LOAN LIMITATION IMPOSED BY SUBSECTION (C)(2) OF THIS
SECTION IS INCREASED TO $2,000,000 $2-MIILION, AND THE
RESPECTIVE LIABILITIES OF THE COUNTY AND THE MUNICIPAL
CORPORATION SHALL BE DETERMINED BY AGREEMENT BETWEEN
THEM.
REVISOR'S NOTE: This section presently appears as
Art. 62B, §6A.
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