2022

LAWS OF MARYLAND

Ch. 559

FOR the purpose of designating Program Open Space projects
to be funded under the Outdoor Recreation Land Loan of
1969 during fiscal year 1981; resolving any possible
doubt about the validity and effectiveness of this
designation which might arise from a conclusion that it
is a contraction of State debt requiring in the same
law a provision for collection of an annual tax or
taxes to cover principal and interest payments on that
debt; and relating generally to the provisions of the
Outdoor Recreation Land Loan of 1969.

BY repealing and reenacting, without amendments,

Chapter 403 of the Acts of the General Assembly of
1969, as amended by Chapter 916 of the Acts of
the General Assembly of 1978

Sections 6 and 7

BY adding to

Chapter 403 of the Acts of the General Assembly of
1969, as amended by Chapter 916 of the Acts of
the General Assembly of 1978

Section UN

(To follow immediately after Section 11M)

Preamble

WHEREAS, There has been established a program to
finance the acquisition of land and the development of that
land by the State and its subdivisions for outdoor public
recreational and open space purposes, this program being
known as "Program Open Space"; and

WHEREAS, Chapter 403 of the Acts of 1969 (the "Act"),
as amended by Chapter 353 of the Acts of 1972, Chapter 632
of the Acts of 1974, Chapter 564 of the Acts of 1975, and
Chapter 563 of the Acts of 1979, 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 $56,000,000, the net actual cash proceeds of which
are to be expended to fund Program Open Space; and

WHEREAS, In Chapter 563 of the Acts of 1979, the
General Assembly concluded that the total authorization to
borrow for Program Open Space would be reduced from
$88,000,000 to $56,000,000, thereby leaving an outstanding
aggregate loan authorization of $36,000,000; and

WHEREAS, It was the intention of the General Assembly
of Maryland in enacting the Act, as amended by Chapter 626
of the Acts of 1972, that the bonds evidencing the Outdoor
Recreation Land Loan of 1969 would be sold over a 10-year
period, beginning with the fiscal year 1969-1970, and that
appropriation of the net actual cash proceeds realized from