3228

LAWS OF MARYLAND

Ch. 877

(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 architects' and engineers' fees: for the
dredging of the Marley Creek in Anne Arundel County.

(4) (i) The payment of any funds under the provisions
of this Act for the purpose set forth in Section 1(3) above
and the granting of a license by the Department of Natural
Resources are contingent upon:

1.  The approval by the Department of
Natural Resources of all plans associated with the dredging
of Marley Creek; and

2.  The approval by all appropriate federal
and State agencies of a selected dumping site for the
dredged material.

(ii) The Anne Arundel County Government shall
have until June 1, 1982, to present evidence satisfactory to
the Board of Public Works that they have received approval
by the Department of Natural Resources of all plans
associated with the dredging of Marley Creek and the
approval by all appropriate federal and State agencies of a
selected dumping site for the dredged material. Upon
receiving from the Board of Public Works a certification of
the suitable evidence on or before June 1, 1982, the
Treasurer of the State shall expend the proceeds of the loan
in accordance with the other provisions of this Act. If
satisfactory evidence of securing the above approvals is not
presented to the Board of Public Works on or before June 1,
1982, the proceeds of the loan shall be transferred to the
Annuity Bond Fund and applied to the debt service
requirements of the State.

(5)  There is hereby levied and imposed an annual State
tax on all assessable property in the State in rate and
amount sufficient to pay the principal of and interest on
the bonds as and when due and until paid in full, such
principal to be discharged within fifteen years of the date
of issue of the bonds.

(6)  The payment of any funds under the provisions of
this Act for the purpose set forth in Section 1(3), above,
shall be contingent upon the provision by Anne Arundel
County of a sum up to $500,000 as a matching fund for this
project in the ratio of $3 of State funds for every $5 of