786

LAWS OF MARYLAND

Ch. 207

Board of Public Works - Bond Bills

FOR the purpose of providing that if general funds are
provided in the annual State budget for financing any
bond bill, the bond bill shall automatically be reduced
by the lesser of the amount of the funds made available
or the amount of the remaining debt authorized by that
bond bill, and providing that if any other funds are
available to finance a bond bill, the Governor, with
the approval of the Board of Public Works, may reduce
the authorization accordingly --providing for public
notice of said reduction amending statutory provisions
applicable to State general obligation loans by
providing for the effect on the amount of loan
authorized of the inclusion of general funds in the
annual State budget, or the use of any other funds, to
pay for projects authorized in any general obligation
loan and providing for the manner of reduction of the
general obligation loan; making other changes of
language applicable to the use of proceeds of an
unexpended fund from State general obligation loans;
and making this Act an emergency measure.

BY repealing and reenacting, with amendments,

Article 78A - Public Works

Section 2 and 3

Annotated Code of Maryland

(1975 Replacement Volume and 1978 Supplement)

BY adding to

Article 78A - Public Works

Section 3A

Annotated Code of Maryland

(1975 Replacement Volume and 1978 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 78A - Public Works

Moneys derived from the sale of [State construction
bonds] BONDS AUTHORIZED BY A GENERAL OBLIGATION LOAN
ENABLING ACT shall be used only for capital improvements and
for no other purpose. In determining whether an expenditure
represents a capital improvement, the Board will be guided
by the following principle: The useful life of the
improvement shall be at least equal to the life of the bonds
by which it is financed.