2646                                 LAWS OF MARYLAND                               Ch. 771

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1980.

Approved May 27, 1980.

CHAPTER 772

(House Bill 930)

AN ACT concerning

Creation of a State Debt -
Comprehensive Flood Management

FOR the purpose of authorizing the creation of a State Debt
in the amount of $3,000,000 $7,500,000, the proceeds to
be used for the Comprehensive Flood Management Grant
Program; and providing generally for the issue and sale
of bonds evidencing the loan; and making this Act
contingent on the passage of other legislation.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(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 Comprehensive Flood
Management Loan of 1980 in the aggregate principal amount of
$3,000,000 $7,500,000. This loan shall be evidence 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 §§ 19 to 23 of Article 31 of the Annotated Code of
Maryland (1976 Replacement Volume and 1979 Supplement, as
amended from time to time).

(2)  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 § 2B of Article 31 of the Code.

(3)  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 architects1 and engineers' fees to provide a
fund to the Department of Natural Resources, so that it may
make grants, requiring matching funds of a minimum of 50
percent, pursuant to the provisions of §§ 8-9A-02(b) and