BLAIR LEE III, Acting Governor

2419

(Senate Bill 815)

AN ACT concerning

Creation of A State Debt — Bird River and North
East Creek Dredging

FOR the purpose of extending for a certain period of time
the time by which the Inland Waterways Improvement
Association shall present evidence satisfactory to the
Board of Public Works that the Inland Waterways
Improvement Association has received approval by
certain State agencies of dredging plans and a dumping
site for dredged material.

BY repealing and reenacting, with amendments,

Chapter 5 of the Acts of the General Assembly of 1977

SECTION 1. BE IT ENACTED BY THE      GENERAL ASSEMBLY OF

MARYLAND, That chapter(s) of the Acts of the General

Assembly be repealed, amended, or enacted     to read as
follows:

SECTION 1.
MARYLAND, That:

Chapter 5 of the Acts of 1977

BE IT ENACTED BY THE GENERAL ASSEMBLY OF

(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 Bird River and North
East Creek Dredging Loan of 1976 in the aggregate principal
amount of $460,000, to be apportioned in the amount of
$260,000 for the Bird River Dredging Project and in the
amount of $200,000 for the North East Creek Dredging
Project. This loan shall be evidenced by the issuance and
sale of State general obligation bonds authorized by a
resolution of the Board of Public Works and issued, sold and
delivered in accordance with the provisions of Sections 19
to 23 of Article 31 of the Annotated Code of Maryland (1971
Replacement Volume and 1975 Supplement, as amended from time
to time).

The bonds issued to evidence this loan or installments
thereof may be sold as a single issue, or may be
consolidated and sold as part of a single issue of bonds
under Section 2B of Article 31 of the Code.

(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