HARRY HUGHES, Governor                                  1597

Chapter 403 of the Acts of 1969 (the "Act") authorized
and directed the Board of Public Works to issue a State loan
to be known as the "Outdoor Recreation Land Loan of 1969" in
the aggregate amount of $60,000,000, the net actual cash
proceeds of which are to be expended to fund Program Open
Space.

Chapter 353 of the Acts of 1972 amended the Act to
authorize and direct the Board of Public Works to increase
the total amount of funds which the State of Maryland is
authorized to borrow under "Outdoor Recreation land Loan of
1969" to the aggregate amount of $70,000,000, the net actual
cash proceeds of which are to be expended to fund Program
Open Space-
Chapter 632 of the Acts of 1974 amended the Act to
authorize and direct the Board of Public Works to increase
the total amount of funds which the State of Maryland is
authorized to borrow under the "Outdoor Recreation Land Loan
of 1969" to the aggregate amount of $82,000,000, the net
actual cash proceeds of which are to be expended to fund
Program Open Space.

Chapter 564 of the Acts of 1975 amended the Act to
authorize and direct the Board of Public Works to increase
the total amount of funds which the State of Maryland is
authorized to borrow under the "Outdoor Recreation Land Loan
of 1969" to the aggregate amount of $88,000,000, the net
actual cash proceeds of which are to be expended to fund
Program Open Space.

To date only $20,000,000 of the $88,000,000 authorized
to be borrowed to fund Program Open Space has been borrowed.

Expenditures for State and local projects under Program
Open Space are anticipated to continue at a level which can
be met from proceeds of the State Property Transfer Tax.

The General Assembly wishes to reduce authorizations to
borrow by the State of Maryland which are no longer
necessary.

The General Assembly concludes that the total
authorization to borrow for Program Open Space can be
reduced, without jeopardizing the program's financial
commitments, and that the authorization should be reduced
from $88,000,000 to $54,000,000 56,000,000, thereby leaving
an outstanding aggregate loan authorization of $34,000,000
36,000,000.

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Assembly be repealed, amended, or     enacted     to read as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

Chapter 403 of the Acts of 1969
(as last amended by Chapter 564